Kenmare Resources plc (KMR.IR) 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

+43.0%

€4.15

vs €2.90 price

Levered DCF

€1.37

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.92

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	-0.89×	5.52×	3.59×	2.35×	5.31×	24.74×	7.32×	5.13×
P/B	0.36×	0.31×	0.41×	0.42×	0.61×	0.4×	0.31×	0.25×
P/S	0.88×	0.87×	1.03×	0.88×	1.25×	1.38×	1.03×	0.85×
EV / EBITDA	7.62×	2.48×	2.01×	1.46×	3.1×	5.59×	2.8×	2.2×
Gross margin	5.4%	23.0%	35.7%	46.3%	35.3%	24.9%	33.5%	34.1%
Operating margin	0.1%	21.5%	33.8%	44.4%	33.1%	13.2%	21.9%	25.1%
Net margin	-98.9%	15.6%	28.6%	39.2%	28.2%	6.4%	16.5%	20.3%
Current ratio	3.24×	5.89×	4.04×	4.09×	1.77×	3.27×	4.08×	3.72×
Debt / equity	0.25×	0.07×	0.04×	0.07×	0.16×	0.17×	0.07×	0.1×
Interest coverage	0.02×	9.05×	14.51×	20.27×	13.6×	3.03×	6.74×	9.05×
Dividend yield	8.4%	13.3%	12.0%	7.5%	2.9%	2.4%	1.1%	0.0%
Payout ratio	-7.4%	74.2%	43.2%	16.9%	12.8%	51.3%	7.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-40.7%	5.6%	11.5%	18.6%	13.8%	1.9%	5.0%	6.0%
Return on invested capital	0.0%	5.6%	11.2%	17.9%	12.7%	2.3%	5.4%	6.0%
Return on assets	-29.9%	5.0%	10.4%	16.4%	11.1%	1.5%	4.4%	5.2%
Free cash flow yield	-35.6%	2.0%	18.4%	31.8%	15.1%	-20.2%	4.3%	21.1%
Earnings yield	-112.4%	18.0%	27.8%	44.6%	22.6%	4.7%	16.1%	23.8%
Enterprise value	€452.8M	€383.5M	€449.1M	€433.8M	€649.3M	€421.1M	€263.3M	€200.4M
Net debt / EBITDA	2.65×	0.15×	-0.1×	-0.1×	0.39×	0.82×	-0.17×	-0.15×
Cash conversion cycle (days)	155	194	216	174	131	113	112	123