Moury Construct S.A. (MOUR.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

+314.0%

€2,740.98

vs €662.00 price

Levered DCF

€2,735.30

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

3.53

Safe zone

Rating

S-

Overall 5 / 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	6.46×	8.19×	6.83×	7.25×	10.12×	8.14×	10.39×	12.27×
P/B	1.47×	1.6×	1.59×	1.5×	1.9×	1.25×	1.18×	1.05×
P/S	0.89×	1.07×	0.86×	0.81×	0.98×	0.58×	0.49×	0.48×
EV / EBITDA	2.53×	3.27×	2.23×	2.73×	4.09×	2.24×	2×	2.37×
Gross margin	14.7%	27.5%	25.5%	13.4%	13.2%	8.0%	5.6%	17.8%
Operating margin	14.5%	15.6%	15.5%	15.4%	12.8%	8.1%	5.1%	5.4%
Net margin	13.8%	13.1%	12.6%	11.1%	9.6%	7.1%	4.7%	3.9%
Current ratio	2.66×	2.58×	2.33×	2.27×	2.14×	1.89×	1.76×	1.97×
Debt / equity	0.01×	0.02×	0.03×	0.01×	0.02×	0.02×	0.02×	0.01×
Interest coverage	34.56×	71.52×	61.05×	82.09×	73.96×	39.78×	53.11×	64.85×
Dividend yield	3.1%	2.2%	2.3%	2.6%	2.1%	3.3%	6.6%	3.9%
Payout ratio	20.1%	17.8%	15.6%	19.2%	21.2%	27.1%	68.4%	47.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	22.7%	19.6%	23.3%	20.7%	18.7%	15.4%	11.4%	8.5%
Return on invested capital	15.6%	15.2%	18.2%	18.0%	15.1%	10.6%	7.8%	7.0%
Return on assets	13.7%	11.8%	12.8%	11.3%	9.9%	7.6%	5.4%	4.3%
Free cash flow yield	16.1%	9.5%	25.4%	6.4%	7.3%	13.0%	20.6%	1.1%
Earnings yield	15.5%	12.2%	14.6%	13.8%	9.9%	12.3%	9.6%	8.2%
Enterprise value	€97.4M	€102.5M	€78.9M	€70M	€80.9M	€32.9M	€19.6M	€17.6M
Net debt / EBITDA	-3.26×	-3.11×	-2.47×	-2.16×	-2.55×	-2.81×	-4.38×	-4.83×
Cash conversion cycle (days)	-20	-31	-25	-4	-18	-18	-15	-66