KBC Ancora SCA (KBCA.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

-50.5%

€45.53

vs €91.90 price

Levered DCF

€56.40

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

42.88

Safe 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	16.23×	14.24×	9.14×	10.79×	3.41×	5.32×	38.82×	12.36×
P/B	1.76×	1.27×	0.97×	0.93×	0.8×	0.85×	0.85×	1.14×
P/S	15.93×	13.93×	8.9×	10.37×	3.33×	82.47×	52,867.83×	68,906.26×
EV / EBITDA	1,568.3×	14.38×	9.28×	11.04×	3.54×	5.7×	35.21×	0×
Gross margin	99.1%	99.0%	99.2%	99.1%	99.7%	93.0%	-4900.8%	-5421.4%
Operating margin	99.1%	99.0%	99.2%	99.0%	99.6%	93.0%	-4900.8%	-5421.4%
Net margin	98.1%	97.7%	97.4%	96.1%	97.9%	1550.5%	135679.5%	557408.0%
Current ratio	0×	52.81×	0×	22.5×	0.52×	383.26×	0×	0×
Debt / equity	0.03×	0.03×	0.03×	0.05×	0.07×	0.1×	0.12×	0.12×
Interest coverage	96.09×	74.08×	55.26×	34.37×	60.09×	2.3×	-0.15×	-0.16×
Dividend yield	5.3%	6.0%	9.4%	7.9%	25.1%	0.6%	0.0%	7.7%
Payout ratio	85.4%	85.7%	85.5%	85.3%	85.5%	3.0%	0.0%	95.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.9%	8.9%	10.6%	8.6%	23.5%	16.0%	2.2%	9.2%
Return on invested capital	0.0%	8.8%	10.4%	8.4%	23219.0%	0.8%	-69.8%	0.0%
Return on assets	10.6%	8.7%	10.2%	8.2%	21.9%	14.5%	1.9%	8.2%
Free cash flow yield	6.2%	7.1%	11.3%	9.1%	29.4%	0.6%	2.6%	0.0%
Earnings yield	6.2%	7.0%	10.9%	9.3%	29.4%	18.8%	2.6%	8.1%
Enterprise value	€6.4B	€4.6B	€3.5B	€3.4B	€2.9B	€3.1B	€2.7B	€3.5B
Net debt / EBITDA	24.3×	0.31×	0.31×	0.56×	0.2×	0.51×	3.73×	0×
Cash conversion cycle (days)	0	-23	-21	-24	-20	-26	54	69