Signify N.V. (LIGHT.AS) 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

+200.4%

€46.33

vs €15.42 price

Levered DCF

€40.13

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.21

Distress 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	10.17×	8.3×	18.75×	7.51×	12.82×	13.44×	13.39×	10.44×
P/B	0.97×	0.86×	1.35×	1.34×	2.07×	1.99×	1.61×	1.35×
P/S	0.45×	0.44×	0.57×	0.52×	0.74×	0.67×	0.56×	0.43×
EV / EBITDA	4.96×	4.71×	7.81×	4.99×	7.37×	7.48×	6.27×	5.16×
Gross margin	40.1%	39.8%	38.2%	36.4%	38.9%	38.4%	36.9%	37.5%
Operating margin	8.1%	7.8%	5.5%	7.0%	7.5%	6.4%	6.4%	6.4%
Net margin	4.4%	5.3%	3.0%	7.0%	5.8%	5.0%	4.2%	4.1%
Current ratio	1.17×	1.22×	1.14×	1.43×	1.32×	1.49×	1.47×	1.51×
Debt / equity	0.59×	0.49×	0.79×	0.7×	0.82×	1.05×	0.67×	0.62×
Interest coverage	5.61×	3.85×	4.45×	8.66×	10.94×	6.93×	9.78×	8.72×
Dividend yield	7.9%	8.1%	5.5%	4.6%	6.8%	0.4%	4.7%	6.2%
Payout ratio	79.9%	67.4%	103.4%	34.8%	87.2%	5.2%	62.6%	65.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.5%	10.4%	7.2%	17.9%	16.2%	14.8%	12.0%	12.9%
Return on invested capital	7.6%	7.2%	4.9%	7.2%	7.6%	7.2%	6.7%	7.2%
Return on assets	3.8%	4.3%	2.5%	6.3%	4.8%	4.2%	3.9%	4.3%
Free cash flow yield	15.5%	15.2%	15.4%	6.2%	11.5%	18.2%	14.6%	10.8%
Earnings yield	9.8%	12.0%	5.3%	13.3%	7.8%	7.5%	7.5%	9.6%
Enterprise value	€3.5B	€3.6B	€4.9B	€5.3B	€6.3B	€5.6B	€4.1B	€3.3B
Net debt / EBITDA	1.34×	1.19×	1.72×	1.28×	1.36×	1.69×	0.94×	0.91×
Cash conversion cycle (days)	13	66	61	65	45	45	58	67