Inclusio S.A. (INCLU.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

+77.4%

€26.79

vs €15.10 price

Levered DCF

-€32.42

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.48

Distress zone

Rating

A+

Overall 5 / 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	8.84×	5.19×	3.02×	4.6×	9.39×	4,934.78×	395.91×	519.86×
P/B	0.57×	0.44×	0.46×	0.55×	0.82×	1.12×	1.79×	2.85×
P/S	8.05×	6.48×	7.03×	9.23×	18.33×	34.45×	18×	129.16×
EV / EBITDA	14.83×	10.06×	6.05×	8.61×	12.52×	-212.52×	400.88×	433.35×
Gross margin	90.1%	89.1%	88.4%	100.0%	100.0%	99.9%	92.9%	94.7%
Operating margin	74.2%	163.1%	275.1%	159.2%	187.5%	-12.2%	79.1%	12.8%
Net margin	91.3%	125.0%	232.7%	200.8%	195.5%	0.7%	5.9%	24.8%
Current ratio	0.3×	0.05×	0.3×	0.05×	0.73×	2.36×	3.23×	8.62×
Debt / equity	0.68×	0.68×	0.59×	0.53×	0.31×	0.07×	0.16×	0×
Interest coverage	2.77×	4.45×	9.1×	20.81×	45.74×	-2.28×	5.85×	17.55×
Dividend yield	2.4%	5.5%	5.3%	3.6%	0.0%	0.0%	0.0%	0.0%
Payout ratio	21.2%	28.6%	16.1%	16.7%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.4%	8.6%	15.1%	11.9%	8.7%	0.0%	0.6%	0.5%
Return on invested capital	3.1%	6.6%	11.2%	6.2%	6.4%	0.0%	6.7%	0.3%
Return on assets	3.8%	5.0%	9.4%	7.7%	6.6%	0.0%	0.5%	0.5%
Free cash flow yield	2.3%	4.5%	2.8%	-29.0%	1.0%	2.3%	-0.3%	0.4%
Earnings yield	11.3%	19.3%	33.1%	21.8%	10.7%	0.0%	0.3%	0.2%
Enterprise value	€298.4M	€255.9M	€221.5M	€200.2M	€188.1M	€164.8M	€171.2M	€148.6M
Net debt / EBITDA	8.07×	6.09×	3.39×	4.22×	3.37×	1.37×	26.3×	-33.06×
Cash conversion cycle (days)	-555	-271	-258	-870	-915	-5,466	-586	-7,173