Montea Comm. VA (MONT.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

+18.3%

€79.11

vs €66.90 price

Levered DCF

€74.91

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.92

Distress 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	10.32×	7.75×	12.66×	5.17×	8.98×	9.16×	10.79×	10.64×
P/B	0.89×	0.74×	0.99×	0.81×	1.99×	1.72×	1.72×	1.58×
P/S	10.08×	9.69×	11.52×	9.41×	21.42×	17.01×	15.5×	11.15×
EV / EBITDA	14.95×	21.15×	21.99×	20.88×	34.23×	28.11×	25.99×	24.72×
Gross margin	86.0%	87.0%	86.6%	88.3%	87.2%	87.5%	87.6%	81.8%
Operating margin	79.0%	141.5%	87.8%	165.7%	268.0%	211.8%	176.0%	126.7%
Net margin	97.5%	125.0%	90.8%	184.2%	241.1%	187.7%	143.7%	104.9%
Current ratio	10.91×	0.79×	1.32×	0.95×	0.35×	0.36×	0.32×	0.44×
Debt / equity	0.67×	0.55×	0.56×	0.72×	0.64×	0.62×	0.66×	1.07×
Interest coverage	6.33×	10.44×	5.3×	0×	30.76×	0×	0×	0×
Dividend yield	5.1%	5.7%	3.9%	4.7%	2.2%	2.8%	2.5%	3.1%
Payout ratio	52.7%	44.0%	50.0%	24.0%	19.9%	25.8%	26.7%	33.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.6%	9.5%	7.8%	15.8%	22.4%	19.0%	16.0%	14.9%
Return on invested capital	3.8%	6.6%	4.8%	7.4%	13.3%	12.8%	11.5%	8.6%
Return on assets	5.0%	5.9%	4.9%	8.8%	13.0%	11.1%	9.1%	6.8%
Free cash flow yield	4.8%	8.6%	7.4%	8.0%	3.5%	3.8%	5.5%	8.1%
Earnings yield	9.7%	12.9%	7.9%	19.6%	11.3%	11.0%	9.3%	9.4%
Enterprise value	€2.9B	€2.3B	€2.3B	€1.9B	€2.7B	€1.9B	€1.6B	€1.1B
Net debt / EBITDA	6.39×	8.98×	7.41×	9.46×	8.17×	7.41×	7.1×	9.89×
Cash conversion cycle (days)	-256	-331	-100	-81	-184	-9	-273	-226