Raize - Instituição de Pagamentos, S.A. (MLRZE.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

-24.8%

€1.08

vs €1.43 price

Levered DCF

€3.18

After debt service

Piotroski score

—

Altman Z-score

—

Rating

—

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	180×	-90.16×	-56.25×	191.67×	104.03×	-51.92×	-843.75×	-133.33×
P/B	1.74×	9.23×	6.76×	9.5×	15.29×	10.79×	14.29×	18.35×
P/S	2.56×	2.13×	2.24×	3.12×	5.9×	7.21×	11.88×	18.55×
EV / EBITDA	-23.56×	7.22×	-11.19×	44.57×	29.8×	-1,155.39×	68.84×	-116.41×
Gross margin	91.9%	95.1%	96.4%	98.9%	93.8%	89.3%	63.0%	46.9%
Operating margin	7.9%	0.9%	-1.8%	3.2%	6.9%	-0.9%	-0.2%	-16.9%
Net margin	1.4%	-2.3%	-7.5%	1.6%	5.7%	-13.9%	-1.4%	-13.9%
Current ratio	1.22×	1.07×	-0.23×	11.75×	6.73×	80.35×	47.07×	41.3×
Debt / equity	0×	0.35×	0.5×	0.76×	0.13×	0.4×	0.25×	4.55×
Interest coverage	1.76×	0.67×	-1.34×	2.84×	28.54×	-1.74×	-0.35×	-84.8×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	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	1.0%	-10.2%	-22.7%	5.0%	14.7%	-20.8%	-1.7%	-13.8%
Return on invested capital	3.5%	1.2%	-0.7%	0.8%	1.9%	-0.2%	-0.1%	-2.5%
Return on assets	0.2%	-0.9%	-2.9%	0.5%	1.7%	-2.7%	-0.3%	-2.4%
Free cash flow yield	78.4%	11.9%	-39.0%	6.2%	6.1%	8.4%	-2.9%	11.0%
Earnings yield	0.6%	-1.1%	-3.4%	0.5%	1.0%	-1.9%	-0.1%	-0.7%
Enterprise value	-€3.9M	€524.4K	€832.3K	€4.3M	€4.5M	€4.2M	€4.6M	€8.5M
Net debt / EBITDA	-47.81×	-30.62×	25.11×	2.61×	-13.14×	-40.92×	-32.76×	4.76×
Cash conversion cycle (days)	47	-13	-2,164	94,909	11,271	-122	4,292	29