Miko N.V. (MIKO.BR) 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

+91.7%

€142.81

vs €74.50 price

Levered DCF

€329.63

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.97

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	FY2018
P/E	5.85×	-5.59×	31.07×	-191.49×	30.97×	20.48×	18.74×	14.63×
P/B	0.53×	0.51×	0.48×	0.78×	0.87×	1.25×	1.37×	1.54×
P/S	0.22×	0.23×	0.24×	0.42×	0.87×	1.3×	0.62×	0.66×
EV / EBITDA	5.03×	3.78×	4.35×	5.92×	7.27×	16.95×	6.49×	7.12×
Gross margin	47.0%	14.5%	47.0%	47.2%	52.7%	52.3%	46.8%	46.1%
Operating margin	0.7%	3.5%	2.3%	1.2%	4.5%	-4.2%	5.7%	6.7%
Net margin	3.8%	-4.1%	0.8%	-0.2%	31.8%	6.4%	3.3%	4.5%
Current ratio	1.03×	1.01×	1.4×	1.67×	1.78×	1.82×	1.5×	1.84×
Debt / equity	0.82×	0.71×	0.55×	0.42×	0.44×	0.73×	0.78×	0.8×
Interest coverage	0.45×	2.48×	2.84×	2.76×	5.35×	-4.51×	11.85×	20.55×
Dividend yield	3.5%	3.7%	4.8%	0.0%	0.0%	0.2%	1.7%	1.9%
Payout ratio	20.7%	-20.6%	147.9%	0.0%	0.0%	4.1%	32.7%	27.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.1%	-9.2%	1.5%	-0.4%	31.7%	6.1%	7.3%	10.5%
Return on invested capital	0.6%	2.6%	1.6%	-0.3%	2.3%	-2.2%	4.0%	5.9%
Return on assets	3.6%	-3.7%	0.7%	-0.2%	15.8%	2.8%	3.2%	4.4%
Free cash flow yield	12.7%	21.8%	1.7%	-7.2%	14.2%	13.0%	-0.7%	3.5%
Earnings yield	17.1%	-17.9%	3.2%	-0.5%	36.6%	4.9%	5.3%	6.8%
Enterprise value	€150.9M	€136.1M	€129.6M	€143.5M	€145.4M	€165M	€191.2M	€179.7M
Net debt / EBITDA	2.74×	2×	2.06×	1.31×	0.9×	4.38×	1.98×	1.75×
Cash conversion cycle (days)	55	38	70	69	141	201	118	123