Martifer SGPS, S.A. (MAR.LS) 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

+50.2%

€3.39

vs €2.26 price

Levered DCF

€2.11

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.56

Distress zone

Rating

Overall 2 / 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	26.84×	7.61×	7.65×	8.57×	7.13×	6.06×	1.58×	32.09×
P/B	3.38×	2.21×	2.7×	3.35×	4.49×	5.16×	4.91×	-3.03×
P/S	0.9×	0.69×	0.71×	0.62×	0.4×	0.17×	0.16×	0.21×
EV / EBITDA	13.26×	4.63×	5.03×	7.79×	7.52×	6.7×	4.61×	13.05×
Gross margin	16.1%	47.7%	46.0%	51.7%	44.0%	37.6%	36.8%	39.9%
Operating margin	3.0%	9.9%	6.2%	3.8%	5.1%	6.2%	8.9%	5.9%
Net margin	3.4%	9.0%	9.3%	7.0%	5.4%	2.8%	10.0%	0.7%
Current ratio	1.24×	1.49×	1.75×	1.59×	1.33×	1.24×	1.06×	1.1×
Debt / equity	1.45×	1.42×	2.11×	3.52×	7.06×	19.11×	21.8×	-15.8×
Interest coverage	1.17×	3.38×	1.44×	1.3×	2.07×	2.2×	3.24×	1.82×
Dividend yield	4.7%	0.0%	0.1%	0.3%	0.0%	0.0%	0.0%	0.0%
Payout ratio	126.5%	0.0%	0.8%	3.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.6%	29.0%	35.5%	38.1%	60.4%	85.3%	311.7%	-9.4%
Return on invested capital	3.5%	11.7%	6.9%	3.9%	5.8%	7.2%	12.7%	2.9%
Return on assets	2.8%	6.6%	7.2%	5.4%	4.3%	2.3%	8.2%	0.4%
Free cash flow yield	-19.1%	17.5%	27.5%	10.4%	5.3%	24.2%	27.9%	27.8%
Earnings yield	3.7%	13.1%	13.2%	11.4%	13.5%	16.5%	63.5%	3.1%
Enterprise value	€323.9M	€179.7M	€176.8M	€184.5M	€174.4M	€135.5M	€166.7M	€227.7M
Net debt / EBITDA	2.82×	0.12×	0.77×	2.84×	3.91×	4.81×	3.58×	10.64×
Cash conversion cycle (days)	85	23	45	8	38	4	28	40