Iberpapel Gestión, S.A. (IBG.MC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+151.2%

€40.82

vs €16.25 price

Levered DCF

€39.60

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

3.79

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	35.45×	8.36×	4.11×	8.88×	20.52×	43.23×	12.14×	13.71×
P/B	0.65×	0.57×	0.6×	0.48×	0.71×	0.71×	0.99×	2.76×
P/S	1×	0.81×	0.76×	0.47×	0.81×	1.2×	1.23×	1.56×
EV / EBITDA	11.21×	2.15×	1.43×	3.23×	6.03×	8.86×	4.93×	6.43×
Gross margin	42.0%	61.8%	58.2%	71.0%	62.4%	58.9%	60.9%	61.9%
Operating margin	-2.5%	10.5%	21.0%	6.0%	3.3%	5.4%	12.3%	11.7%
Net margin	2.8%	9.7%	18.8%	5.4%	3.9%	2.8%	10.2%	11.4%
Current ratio	4.31×	4.02×	3.83×	2.17×	2.21×	3.63×	3.59×	4.22×
Debt / equity	0.04×	0.05×	0.08×	0.13×	0.19×	0.36×	0.26×	0.65×
Interest coverage	-17.03×	64.53×	135.27×	29.86×	8.18×	7.19×	43.9×	46.79×
Dividend yield	4.7%	5.6%	5.1%	2.0%	2.0%	2.1%	2.9%	3.0%
Payout ratio	167.3%	46.6%	20.4%	17.2%	41.0%	90.1%	35.2%	40.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.8%	6.8%	14.8%	5.5%	3.4%	1.6%	8.1%	20.1%
Return on invested capital	-1.2%	5.6%	13.5%	4.9%	2.4%	1.9%	6.4%	6.7%
Return on assets	1.6%	5.7%	12.1%	4.1%	2.4%	1.1%	5.7%	6.6%
Free cash flow yield	3.9%	18.1%	14.5%	-3.3%	13.1%	-22.5%	-2.2%	7.0%
Earnings yield	2.8%	11.9%	24.8%	11.5%	4.8%	2.3%	8.2%	7.3%
Enterprise value	€101.9M	€90.4M	€95.6M	€98.6M	€138.5M	€151.1M	€184.6M	€261.8M
Net debt / EBITDA	-12.6×	-2.47×	-1.42×	-1.28×	-2.31×	-1.93×	-2.1×	-2.05×
Cash conversion cycle (days)	100	78	62	18	-35	54	65	28