Kri-Kri Milk Industry S.A. (KRI.AT) 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

+22.6%

€42.17

vs €34.40 price

Levered DCF

€29.00

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

11.2

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	18.45×	14.29×	9.84×	64.32×	21.25×	13.63×	12.58×	13.71×
P/B	4.24×	3.87×	3.04×	2.59×	3.38×	2.85×	2.83×	2.52×
P/S	1.91×	1.93×	1.47×	1.19×	2.08×	1.72×	1.66×	1.49×
EV / EBITDA	12.7×	11.07×	6.72×	22.68×	12.96×	9.54×	8.7×	7.54×
Gross margin	27.0%	29.7%	33.1%	18.3%	30.6%	32.1%	34.6%	38.9%
Operating margin	12.7%	14.5%	18.1%	1.7%	11.8%	14.0%	15.8%	15.4%
Net margin	10.4%	13.5%	14.9%	1.8%	9.8%	12.6%	13.3%	10.7%
Current ratio	2×	2.16×	2.26×	1.67×	2.36×	2.45×	2.37×	2.85×
Debt / equity	0.11×	0.04×	0.12×	0.19×	0.11×	0.15×	0.19×	0.16×
Interest coverage	133.39×	126.16×	91.15×	10.08×	57.77×	56.9×	44.93×	38.37×
Dividend yield	2.1%	2.3%	2.1%	3.2%	2.5%	2.6%	2.7%	2.3%
Payout ratio	38.8%	33.5%	20.5%	208.1%	52.8%	35.2%	33.0%	32.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	23.0%	27.1%	30.8%	4.0%	15.9%	20.9%	22.7%	18.1%
Return on invested capital	19.4%	23.9%	24.5%	2.3%	12.4%	15.6%	17.1%	14.2%
Return on assets	15.5%	19.4%	20.1%	2.5%	11.0%	13.7%	14.0%	11.2%
Free cash flow yield	1.6%	0.7%	11.1%	-2.2%	4.4%	2.8%	-0.7%	6.0%
Earnings yield	5.4%	7.0%	10.1%	1.6%	4.7%	7.3%	8.0%	7.2%
Enterprise value	€619.3M	€481.7M	€308.8M	€212.3M	€278.7M	€217.9M	€189M	€135.4M
Net debt / EBITDA	-0.16×	-0.28×	-0.2×	0.86×	-0.07×	0.07×	0.09×	-0.28×
Cash conversion cycle (days)	33	32	35	48	53	56	46	66