Immobel S.A. (IMMO.BR) 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

-689.4%

-€103.43

vs €17.55 price

Levered DCF

-€185.14

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.16

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	4.97×	-2×	-7.99×	41.67×	7.88×	19.05×	5.69×	7.78×
P/B	0.56×	0.49×	0.63×	0.81×	1.27×	1.29×	1.37×	1.28×
P/S	0.73×	0.5×	1.96×	1.9×	1.87×	1.74×	1.43×	1.41×
EV / EBITDA	31.12×	-13.85×	-107.7×	-24.65×	21.77×	24.72×	9.49×	11.07×
Gross margin	13.7%	-15.2%	12.1%	5.2%	16.4%	16.6%	27.5%	24.9%
Operating margin	7.7%	-22.0%	-14.9%	-9.5%	10.6%	13.7%	20.0%	20.8%
Net margin	14.7%	-24.8%	-24.6%	4.5%	23.7%	9.1%	25.1%	18.1%
Current ratio	1.87×	1.75×	3.31×	3.22×	2.08×	3×	3.11×	2.72×
Debt / equity	1.79×	2.59×	1.99×	1.62×	1.52×	1.53×	1.65×	1.5×
Interest coverage	1.46×	-4.82×	-2.37×	-5.28×	6.24×	4.22×	11.82×	5.72×
Dividend yield	0.0%	3.0%	9.9%	6.8%	4.0%	4.3%	3.6%	4.4%
Payout ratio	0.0%	-5.9%	-79.2%	283.6%	31.4%	81.1%	20.7%	34.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.2%	-24.6%	-7.9%	1.9%	16.1%	6.8%	24.0%	16.5%
Return on invested capital	2.0%	-5.9%	-1.6%	-1.2%	2.7%	3.1%	6.4%	7.8%
Return on assets	3.5%	-6.0%	-2.2%	0.6%	5.4%	2.3%	7.8%	5.9%
Free cash flow yield	51.7%	28.9%	-41.7%	-12.6%	-3.0%	-15.7%	-26.5%	-13.9%
Earnings yield	20.1%	-49.9%	-12.5%	2.4%	12.7%	5.2%	17.6%	12.9%
Enterprise value	€892.1M	€995.3M	€1.1B	€1.1B	€1.3B	€1.2B	€1.1B	€787M
Net debt / EBITDA	22.71×	-11.24×	-78.7×	-14.36×	9.79×	12.06×	4.6×	4.85×
Cash conversion cycle (days)	1,092	797	2,864	1,685	897	892	896	756