Kerry Group plc (KRZ.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

+11.0%

€109.60

vs €98.75 price

Levered DCF

€79.18

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.6

Safe 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	19.5×	22.2×	19.14×	24.63×	26.28×	37.86×	34.72×	28.27×
P/B	2.16×	2.49×	2.14×	2.4×	3.58×	4.51×	4.31×	3.79×
P/S	1.9×	2.33×	1.74×	1.7×	2.73×	3.02×	2.71×	2.31×
EV / EBITDA	12.48×	15.15×	12.88×	16.22×	19×	23.4×	21.91×	19.47×
Gross margin	17.9%	51.4%	46.1%	44.5%	46.6%	46.8%	46.6%	44.6%
Operating margin	13.2%	12.0%	10.9%	8.7%	12.1%	10.2%	10.0%	10.4%
Net margin	9.7%	10.6%	9.1%	6.9%	10.4%	8.0%	7.8%	8.2%
Current ratio	1.68×	1.39×	1.66×	1.44×	1.73×	1.53×	1.33×	1.38×
Debt / equity	0.44×	0.54×	0.39×	0.5×	0.56×	0.54×	0.56×	0.53×
Interest coverage	10.48×	9.28×	11.65×	10.52×	12.34×	9.63×	8.5×	10.15×
Dividend yield	1.7%	1.3%	1.4%	1.2%	0.8%	0.7%	0.7%	0.7%
Payout ratio	32.7%	27.9%	26.3%	28.6%	20.6%	25.8%	22.6%	21.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.1%	11.3%	11.2%	9.7%	13.6%	11.9%	12.4%	13.4%
Return on invested capital	8.6%	6.8%	7.9%	6.6%	8.8%	7.9%	8.3%	9.0%
Return on assets	6.2%	5.9%	6.2%	4.9%	6.7%	5.9%	6.0%	6.5%
Free cash flow yield	3.8%	4.2%	5.4%	3.4%	1.8%	1.9%	2.3%	2.3%
Earnings yield	5.1%	4.6%	5.2%	4.1%	3.8%	2.6%	2.9%	3.5%
Enterprise value	€15.1B	€18B	€15.5B	€17.1B	€22.2B	€22.9B	€21.6B	€17B
Net debt / EBITDA	1.86×	1.6×	1.32×	2.05×	1.79×	1.99×	2.02×	1.97×
Cash conversion cycle (days)	36	20	20	33	24	19	17	8