New Amsterdam Invest N.V. (NAI.AS) 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

+4272.0%

€382.55

vs €8.75 price

Levered DCF

€332.95

After debt service

Piotroski score

—

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
P/E	18.62×	17.31×	-9.38×	-30.59×	-23.81×
P/B	1.07×	0.99×	1.06×	1.32×	1.04×
P/S	2.48×	4.1×	10.04×	0×	0×
EV / EBITDA	11.89×	11.58×	-16.23×	-31.39×	-26.91×
Gross margin	61.9%	63.9%	75.5%	0.0%	0.0%
Operating margin	52.7%	84.7%	-105.2%	0.0%	0.0%
Net margin	13.2%	23.8%	-107.0%	0.0%	0.0%
Current ratio	1.68×	0.63×	1.35×	184.74×	234.91×
Debt / equity	1.77×	1.56×	0.87×	0×	0×
Interest coverage	2.28×	3.26×	-4.42×	-62.03×	0×
Dividend yield	4.3%	4.4%	0.0%	0.0%	0.0%
Payout ratio	81.5%	76.3%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	5.7%	5.8%	-11.3%	-4.3%	-4.4%
Return on invested capital	6.2%	5.6%	-5.2%	-4.2%	-3.9%
Return on assets	1.8%	1.9%	-5.8%	-4.3%	-4.3%
Free cash flow yield	10.1%	6.9%	2.3%	-1.2%	-0.6%
Earnings yield	5.3%	5.8%	-10.7%	-3.2%	-4.2%
Enterprise value	€108.3M	€112M	€78.2M	€64.1M	€50.6M
Net debt / EBITDA	6.85×	6.87×	-6.67×	0.01×	0.01×
Cash conversion cycle (days)	-23	1	-3	0	0