Making Science Group, S.A. (MAKS.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

-3904.4%

-€214.95

vs €5.65 price

Levered DCF

-€70.63

After debt service

Piotroski score

9 / 9

Strong

Altman Z-score

2.14

Grey 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
P/E	3.07×	-38.25×	-22.02×	-14.52×	-51.48×	60.91×	50.1×
P/B	1.99×	2.58×	5.32×	4.97×	15.22×	33.14×	75.6×
P/S	0.22×	0.24×	0.35×	0.35×	1.63×	1.65×	0.96×
EV / EBITDA	16.96×	9.23×	16.03×	27.44×	93.6×	28.46×	25.05×
Gross margin	18.4%	26.0%	6.9%	27.7%	29.4%	27.7%	26.9%
Operating margin	-0.1%	1.9%	0.4%	-0.0%	-1.3%	4.5%	2.5%
Net margin	7.1%	-0.6%	-1.6%	-2.4%	-3.2%	2.7%	1.9%
Current ratio	0.84×	0.75×	0.68×	0.94×	1.07×	1.02×	0.89×
Debt / equity	1.06×	2.2×	2.97×	3.3×	3.75×	4.84×	14.7×
Interest coverage	-0.04×	1.01×	0.2×	-0.03×	-1.89×	5.57×	5.46×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	64.8%	-6.7%	-24.2%	-34.0%	-29.5%	53.6%	151.0%
Return on invested capital	-0.2%	5.5%	1.2%	-0.1%	-2.4%	12.3%	10.0%
Return on assets	13.5%	-1.0%	-2.6%	-3.7%	-3.3%	3.7%	2.7%
Free cash flow yield	43.5%	-8.3%	-8.9%	8.6%	-12.3%	-3.3%	-5.2%
Earnings yield	32.5%	-2.6%	-4.5%	-6.8%	-1.9%	1.6%	2.0%
Enterprise value	€87.3M	€103.1M	€110.7M	€89.8M	€193.9M	€97.4M	€33.2M
Net debt / EBITDA	2.12×	3.29×	3.92×	5.17×	6.81×	0.59×	-0.06×
Cash conversion cycle (days)	14	33	22	8	78	109	25