Kinepolis Group N.V. (KIN.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

+388.4%

€236.89

vs €48.50 price

Levered DCF

€137.68

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.49

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	21.13×	26.09×	21.49×	38.02×	-58.3×	-13.57×	29.31×	27.73×
P/B	3.46×	4.67×	6.22×	6.63×	12.21×	7.39×	7.54×	7.41×
P/S	1.42×	1.83×	1.99×	2.09×	5.53×	5.3×	2.88×	2.76×
EV / EBITDA	9.04×	10.28×	10.16×	12.66×	31.15×	115.43×	14.39×	13.7×
Gross margin	23.2%	24.0%	26.5%	22.5%	1.3%	-26.8%	27.8%	27.4%
Operating margin	13.0%	14.2%	17.5%	13.6%	-2.5%	-37.2%	18.0%	16.7%
Net margin	6.7%	7.0%	9.3%	5.5%	-9.5%	-39.1%	9.9%	10.0%
Current ratio	0.55×	0.52×	0.65×	0.63×	0.52×	0.37×	0.75×	0.67×
Debt / equity	3.21×	3.36×	4.32×	5.47×	7.79×	7.43×	4.29×	1.93×
Interest coverage	2.68×	2.65×	3.21×	2.2×	-0.22×	-2.41×	4.07×	5.92×
Dividend yield	1.8%	1.4%	0.6%	0.0%	0.0%	0.0%	1.6%	1.9%
Payout ratio	38.8%	36.4%	12.5%	0.0%	0.0%	0.0%	45.5%	51.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.4%	17.9%	28.9%	17.5%	-21.0%	-54.5%	25.8%	26.7%
Return on invested capital	5.6%	5.9%	7.5%	4.3%	-0.4%	-4.1%	5.5%	10.5%
Return on assets	3.4%	3.5%	4.8%	2.4%	-2.1%	-5.9%	3.9%	7.0%
Free cash flow yield	10.7%	11.5%	9.8%	8.8%	3.8%	-8.6%	4.5%	2.5%
Earnings yield	4.7%	3.8%	4.7%	2.6%	-1.7%	-7.4%	3.4%	3.6%
Enterprise value	€1.4B	€1.7B	€1.9B	€1.8B	€2.3B	€1.8B	€2.4B	€1.6B
Net debt / EBITDA	3.86×	4.01×	3.85×	5.47×	11.52×	56.87×	4.95×	2.39×
Cash conversion cycle (days)	-66	-28	-15	-31	-30	-9	-63	-56