Impresa - Sociedade Gestora de Participações Sociais, S.A. (IPR.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

+808.7%

€1.72

vs €0.19 price

Levered DCF

€0.85

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

0.4

Distress 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	26.88×	-0.28×	-11.85×	22.5×	3.25×	2.14×	4.51×	7.29×
P/B	0.34×	0.21×	0.15×	0.16×	0.26×	0.17×	0.27×	0.18×
P/S	0.18×	0.1×	0.13×	0.14×	0.22×	0.14×	0.2×	0.13×
EV / EBITDA	8.45×	1.77×	9.06×	8.18×	5.77×	5.79×	8.59×	12.79×
Gross margin	11.2%	7.8%	10.4%	33.2%	38.9%	41.8%	38.8%	35.6%
Operating margin	7.5%	7.8%	6.0%	6.4%	13.5%	14.3%	10.5%	6.9%
Net margin	0.6%	-37.4%	-1.1%	0.6%	6.7%	6.4%	4.4%	1.8%
Current ratio	0.66×	0.53×	0.41×	0.54×	0.57×	0.65×	0.45×	0.43×
Debt / equity	1.52×	1.69×	0.82×	0.81×	1.04×	1.12×	1.27×	1.51×
Interest coverage	1.21×	1.11×	0.99×	0×	2.91×	3.02×	2.49×	1.85×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	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	1.3%	-73.8%	-1.3%	0.7%	8.0%	7.8%	5.9%	2.5%
Return on invested capital	2.0%	5.5%	3.8%	1.5%	5.7%	5.5%	4.1%	1.8%
Return on assets	0.4%	-19.4%	-0.5%	0.3%	3.2%	2.9%	2.1%	0.8%
Free cash flow yield	42.9%	-0.2%	-24.0%	-7.1%	30.8%	76.0%	22.9%	8.6%
Earnings yield	3.7%	-358.2%	-8.4%	4.4%	30.8%	46.7%	22.2%	13.7%
Enterprise value	€158.2M	€149.4M	€139.2M	€133M	€179.6M	€176.9M	€201.7M	€202.1M
Net debt / EBITDA	6.78×	1.55×	7.52×	6.6×	4.45×	5×	7.09×	11.34×
Cash conversion cycle (days)	1	6	-6	-41	-19	-4	47	42