Mapfre, S.A. (MAP.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

+270.4%

€15.00

vs €4.05 price

Levered DCF

€33.97

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.17

Distress 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	11.57×	7.66×	8.82×	10.06×	7.24×	9.35×	7.61×	13.65×
P/B	1.4×	0.85×	0.7×	0.71×	0.65×	0.57×	0.81×	0.89×
P/S	0.5×	0.29×	0.23×	0.26×	0.27×	0.25×	0.32×	0.32×
EV / EBITDA	5.76×	4.17×	3.53×	4.91×	3.77×	4.21×	6.27×	5.63×
Gross margin	77.0%	78.4%	79.1%	77.3%	77.6%	75.9%	77.9%	78.0%
Operating margin	9.6%	8.1%	6.4%	5.9%	6.6%	5.9%	5.6%	6.1%
Net margin	4.3%	3.7%	2.6%	2.6%	3.7%	2.8%	2.7%	2.4%
Current ratio	0.66×	0.59×	9.21×	11.88×	10.95×	11.45×	12.77×	14.81×
Debt / equity	0.35×	0.34×	0.36×	0.6×	0.4×	0.38×	0.52×	0.51×
Interest coverage	0×	0×	0×	13.7×	903.4×	11,186×	3,198.13×	821.27×
Dividend yield	9.0%	14.6%	16.2%	15.9%	11.1%	13.6%	11.7%	12.2%
Payout ratio	104.5%	113.6%	142.4%	155.5%	80.3%	125.1%	138.6%	163.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.0%	10.9%	8.0%	7.2%	9.0%	6.2%	6.9%	6.6%
Return on invested capital	10.0%	2.9%	2.7%	1.5%	1.5%	1.2%	1.1%	1.1%
Return on assets	1.9%	1.7%	1.2%	0.9%	1.2%	0.8%	0.8%	0.8%
Free cash flow yield	10.8%	16.1%	23.5%	15.5%	-11.1%	-18.2%	-4.3%	5.4%
Earnings yield	8.6%	12.9%	11.4%	10.2%	13.9%	10.9%	8.5%	7.5%
Enterprise value	€14.5B	€8.8B	€6.9B	€7.6B	€6B	€5.7B	€9.3B	€8.9B
Net debt / EBITDA	0.55×	0.6×	0.49×	1.33×	0.31×	0.63×	1.39×	1.17×
Cash conversion cycle (days)	24	21	4	-57	-41	-175	-49	-16