Ibersol, S.G.P.S., S.A. (IBS.LS) 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

+486.2%

€60.97

vs €10.40 price

Levered DCF

€37.56

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.5

Distress zone

Rating

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	26.76×	22.67×	17.95×	1.46×	6.32×	-2.74×	13.62×	9.49×
P/B	1.27×	0.91×	0.78×	0.61×	0.7×	0.97×	1.12×	1.16×
P/S	0.76×	0.66×	0.66×	0.66×	0.79×	0.52×	0.49×	0.52×
EV / EBITDA	4.26×	4.91×	4.48×	2.66×	3.76×	16.06×	5.63×	5.46×
Gross margin	48.6%	24.6%	52.4%	52.5%	18.9%	13.5%	44.5%	45.4%
Operating margin	5.8%	3.1%	5.5%	6.2%	20.4%	-17.6%	6.8%	6.9%
Net margin	2.9%	2.9%	3.7%	45.0%	15.4%	-19.1%	3.6%	5.5%
Current ratio	1.06×	1.06×	1.6×	2.14×	1.04×	0.53×	0.5×	0.57×
Debt / equity	0.91×	0.93×	0.73×	0.42×	1.36×	3.16×	2.16×	0.65×
Interest coverage	1.8×	0.92×	1.6×	2.38×	3.12×	-2.38×	1.45×	6.31×
Dividend yield	7.1%	6.7%	10.8%	2.4%	0.0%	0.0%	1.4%	1.3%
Payout ratio	187.7%	149.8%	190.8%	3.6%	0.0%	0.0%	18.5%	12.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.8%	4.0%	4.4%	41.7%	13.7%	-35.4%	8.2%	12.3%
Return on invested capital	5.0%	2.0%	3.7%	4.0%	6.7%	-6.1%	4.8%	7.7%
Return on assets	2.2%	1.8%	2.2%	24.5%	5.0%	-7.6%	2.3%	5.6%
Free cash flow yield	22.5%	15.7%	14.1%	-11.4%	26.5%	6.9%	27.3%	5.1%
Earnings yield	3.8%	4.4%	5.6%	68.3%	19.6%	-36.6%	7.4%	10.6%
Enterprise value	€573.2M	€492.4M	€348.5M	€163.3M	€376.6M	€594.5M	€661.4M	€330M
Net debt / EBITDA	1.27×	1.8×	0.94×	-1.15×	2.16×	11.98×	3.6×	1.56×
Cash conversion cycle (days)	-25	-19	-54	-48	-67	-38	-31	-22