Línea Directa Aseguradora, S.A. (LDA.MC) 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

+6.0%

€1.29

vs €1.21 price

Levered DCF

€2.46

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.1

Grey zone

Rating

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	14.21×	18×	-217.5×	17.76×	16.1×	13.5×	16.43×	14.73×
P/B	3.01×	3.23×	3.02×	3.73×	4.63×	3.77×	5.42×	6.12×
P/S	1.09×	1.16×	0.98×	1.19×	1.9×	1.93×	1.96×	2.05×
EV / EBITDA	10.57×	13.71×	-237.24×	12.78×	11.24×	8.92×	171.34×	173.46×
Gross margin	100.0%	100.0%	100.0%	100.0%	95.6%	95.4%	100.0%	100.0%
Operating margin	10.2%	8.3%	-0.7%	8.9%	15.7%	19.7%	0.0%	0.0%
Net margin	7.6%	6.4%	-0.5%	6.7%	11.9%	14.8%	11.9%	13.6%
Current ratio	0.11×	3.62×	0.46×	236.17×	308.25×	375.7×	0.53×	0.56×
Debt / equity	0.01×	0.01×	0.01×	0.01×	0.01×	0.01×	0.38×	0.4×
Interest coverage	0×	0×	0×	0×	200.25×	1,851.79×	0×	0×
Dividend yield	3.7%	2.6%	0.1%	6.6%	11.3%	1.6%	5.9%	5.7%
Payout ratio	52.5%	46.7%	-24.8%	117.1%	179.5%	21.0%	96.8%	86.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	21.2%	17.9%	-1.4%	21.0%	29.1%	28.9%	33.0%	40.7%
Return on invested capital	8.8%	4.5%	-0.4%	3.9%	5.4%	6.2%	0.0%	0.0%
Return on assets	6.2%	5.2%	-0.4%	5.3%	8.0%	9.4%	8.1%	9.1%
Free cash flow yield	14.7%	5.2%	4.3%	5.7%	6.2%	6.1%	3.8%	6.2%
Earnings yield	7.0%	5.6%	-0.5%	5.6%	6.3%	7.6%	6.1%	6.6%
Enterprise value	€1.2B	€1.1B	€907.4M	€1.1B	€1.6B	€1.6B	€1.7B	€1.7B
Net debt / EBITDA	-0.11×	-0.17×	10.18×	-0.63×	-0.76×	-0.89×	-2.11×	-5.17×
Cash conversion cycle (days)	9	0	6	47	18	-23	0	0