LleidaNetworks Serveis Telematics S.A. (LLN.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

+162.3%

€2.47

vs €0.94 price

Levered DCF

€0.74

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.09

Grey zone

Rating

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	15.59×	16.87×	-4.74×	-70.27×	66.44×	89.71×	14.08×	51.38×
P/B	3.43×	3.65×	4.06×	5.63×	8.95×	12.86×	0×	0×
P/S	1.01×	0.81×	0.76×	1.57×	3.37×	5.68×	1.12×	1.13×
EV / EBITDA	6.72×	6.81×	-51.53×	23.33×	27.08×	40.19×	5.71×	0×
Gross margin	60.5%	58.8%	60.8%	57.6%	56.4%	52.9%	58.5%	55.1%
Operating margin	8.5%	5.8%	-14.9%	-1.6%	6.3%	8.8%	8.1%	4.3%
Net margin	6.5%	4.8%	-15.9%	-2.2%	5.1%	6.3%	7.9%	2.2%
Current ratio	0.76×	0.66×	0.76×	1.14×	1.41×	2.34×	0×	0×
Debt / equity	1.09×	1.68×	2.91×	1.55×	1.31×	0.39×	0×	0×
Interest coverage	8.89×	4.94×	-12.42×	-1.95×	13.14×	19.49×	13.86×	5.74×
Dividend yield	0.0%	0.0%	0.0%	0.7%	0.4%	0.2%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	-52.5%	27.1%	18.7%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	22.0%	21.6%	-84.8%	-8.0%	13.5%	14.3%	0.0%	0.0%
Return on invested capital	12.3%	9.4%	-18.3%	-2.0%	5.5%	14.1%	28.3%	0.0%
Return on assets	7.6%	5.2%	-14.9%	-2.3%	3.9%	7.8%	0.0%	0.0%
Free cash flow yield	9.6%	11.3%	-4.3%	-2.4%	-13.7%	1.8%	10.3%	0.0%
Earnings yield	6.4%	5.9%	-20.9%	-1.4%	1.5%	1.1%	7.1%	1.9%
Enterprise value	€24.6M	€21.6M	€20.5M	€39.8M	€64.3M	€92M	€13.2M	€0
Net debt / EBITDA	1.37×	1.93×	-20.04×	4.27×	1.59×	-0.54×	-0.9×	0×
Cash conversion cycle (days)	-48	-36	-18	-3	33	-18	-121	0