Farminveste, S.G.P.S., S.A. (MLFMV.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

+385.8%

€24.29

vs €5.00 price

Levered DCF

€27.74

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.12

Grey zone

Rating

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	1.03×	2.14×	2.5×	12.44×	15.66×	-5.26×	5.33×	30×
P/B	0.28×	0.1×	0.19×	0.37×	0.28×	0.76×	0.83×	0.77×
P/S	0.07×	0.02×	0.03×	0.05×	0.04×	0.1×	0.13×	0.13×
EV / EBITDA	6.62×	5.21×	4.9×	8.6×	8.36×	14.79×	8.12×	11.97×
Gross margin	1.9%	20.3%	23.1%	21.8%	22.0%	21.5%	21.8%	21.0%
Operating margin	2.1%	3.9%	4.3%	3.3%	3.3%	-0.0%	3.9%	2.8%
Net margin	6.5%	1.3%	1.2%	0.4%	0.2%	-2.0%	1.7%	0.4%
Current ratio	1.26×	1.15×	0.91×	0.91×	0.87×	0.76×	0.74×	0.98×
Debt / equity	0.69×	1.66×	1.8×	2.21×	2.48×	2.62×	2.12×	1.89×
Interest coverage	1.55×	2.05×	2.54×	2.48×	2.72×	-0.01×	3.54×	2.44×
Dividend yield	23.3%	28.8%	27.0%	11.1%	13.9%	12.3%	0.1%	0.3%
Payout ratio	24.0%	38.8%	68.1%	136.2%	217.4%	-64.7%	1.0%	7.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	27.1%	7.4%	7.4%	3.0%	1.8%	-14.5%	10.8%	2.6%
Return on invested capital	3.5%	5.0%	6.0%	4.0%	2.8%	-0.0%	4.8%	3.5%
Return on assets	9.8%	1.7%	1.6%	0.6%	0.3%	-2.6%	2.1%	0.6%
Free cash flow yield	36.2%	69.4%	151.4%	9.8%	43.5%	7.3%	-1.1%	0.0%
Earnings yield	97.0%	74.3%	39.7%	8.1%	6.4%	-19.0%	13.0%	3.4%
Enterprise value	€185.3M	€239.5M	€258.1M	€301.6M	€284.2M	€334M	€335.3M	€290.9M
Net debt / EBITDA	4.45×	4.88×	4.4×	7.32×	7.47×	11.25×	5.75×	8.27×
Cash conversion cycle (days)	40	42	37	47	44	40	42	47