Inmobiliaria del Sur, S.A. (ISUR.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

+119.8%

€37.04

vs €16.85 price

Levered DCF

€85.65

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.05

Distress zone

Rating

A+

Overall 4 / 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	6.74×	7.99×	11.56×	8.79×	11.32×	6.42×	19.9×	17.33×
P/B	0.97×	1,063.13×	0.91×	0.96×	1.07×	1.11×	1.65×	1.67×
P/S	1.26×	1×	0.91×	1.13×	1.3×	1.55×	1.45×	1.44×
EV / EBITDA	6.88×	8.36×	11.95×	29.97×	14.69×	9.8×	14.02×	21.8×
Gross margin	29.5%	31.4%	29.2%	27.4%	31.4%	25.4%	27.6%	26.9%
Operating margin	16.0%	20.0%	15.9%	18.2%	19.0%	35.9%	17.9%	14.9%
Net margin	18.7%	12.5%	7.9%	12.9%	11.4%	24.1%	7.3%	8.4%
Current ratio	1.29×	1.25×	1.19×	1.24×	1.38×	1.36×	1.1×	1.21×
Debt / equity	0.86×	1,651.19×	1.8×	2.04×	2.22×	2.09×	1.92×	1.94×
Interest coverage	3.13×	2.51×	2.14×	2.64×	3.3×	5.41×	1.88×	2.95×
Dividend yield	3.8%	3.3%	4.6%	4.3%	5.1%	3.9%	2.6%	1.1%
Payout ratio	26.0%	26.3%	53.3%	38.0%	57.6%	25.5%	51.4%	18.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.3%	13287.5%	7.9%	10.9%	9.4%	17.2%	8.2%	9.7%
Return on invested capital	4.2%	6.1%	4.1%	4.5%	3.8%	6.4%	5.7%	4.4%
Return on assets	6.2%	4.1%	2.3%	3.0%	2.6%	4.9%	2.2%	2.8%
Free cash flow yield	15.5%	12.4%	12.5%	-0.1%	15.4%	4.1%	3.9%	6.0%
Earnings yield	14.8%	12.5%	8.7%	11.4%	8.8%	15.5%	5.0%	5.8%
Enterprise value	€419.4M	€365.5M	€358.2M	€379.8M	€372.3M	€347.7M	€349.1M	€336.5M
Net debt / EBITDA	2.52×	4.59×	7.6×	19.55×	9.3×	5.96×	6.92×	10.57×
Cash conversion cycle (days)	113	425	395	438	220	374	396	385