Meliá Hotels International, S.A. (MEL.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

+950.1%

€110.68

vs €10.54 price

Levered DCF

€48.72

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.87

Distress zone

Rating

C+

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	10.29×	11.52×	11.25×	9.16×	-6.82×	-2.06×	15.72×	13.46×
P/B	2.07×	2.14×	2.56×	2.44×	4.36×	2.58×	1.44×	1.4×
P/S	0.84×	0.81×	0.68×	0.6×	1.6×	2.32×	1×	1.02×
EV / EBITDA	6.98×	6.85×	7.7×	7.07×	29.01×	-13.7×	7.55×	4.86×
Gross margin	33.7%	89.9%	53.1%	89.4%	88.9%	88.9%	88.9%	89.6%
Operating margin	15.2%	16.6%	12.0%	9.2%	-25.2%	-82.4%	11.7%	13.1%
Net margin	8.2%	7.0%	6.1%	6.6%	-23.3%	-112.8%	6.3%	7.6%
Current ratio	0.67×	0.72×	0.56×	0.52×	0.4×	0.48×	0.83×	1.01×
Debt / equity	2.88×	3.22×	5.49×	6.84×	9.83×	5.71×	1.9×	0.69×
Interest coverage	2.72×	2.52×	1.72×	1.6×	-2.54×	-5.75×	2.2×	3.66×
Dividend yield	3.4%	1.6%	0.0%	0.0%	0.0%	0.0%	2.4%	2.0%
Payout ratio	35.3%	18.2%	0.0%	0.0%	0.0%	-0.0%	38.1%	27.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	20.2%	18.5%	23.0%	26.8%	-63.6%	-125.4%	9.1%	10.5%
Return on invested capital	5.8%	5.9%	5.2%	3.1%	-5.0%	-10.7%	3.8%	6.1%
Return on assets	3.7%	3.1%	2.7%	2.5%	-4.6%	-14.6%	2.4%	4.0%
Free cash flow yield	19.4%	20.8%	21.0%	37.8%	3.7%	-24.7%	15.4%	8.9%
Earnings yield	9.8%	8.7%	9.0%	11.0%	-14.6%	-48.7%	6.3%	7.5%
Enterprise value	€3.9B	€3.9B	€4B	€3.7B	€4.2B	€3.8B	€3.8B	€2.5B
Net debt / EBITDA	3.89×	3.99×	5.15×	5.14×	19.89×	-9.32×	4.01×	1.19×
Cash conversion cycle (days)	-5	-490	-70	-619	-731	-1,115	-475	-501