Natac Natural Ingredients, S.A. (NAT.MC) 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

-264.3%

-€0.99

vs €0.61 price

Levered DCF

-€3.94

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.08

Grey zone

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	FY2020	FY2019	FY2018
P/E	320×	761.11×	4.41×	22.83×	202.73×	62.04×	119.88×	-13.91×
P/B	7.68×	6.92×	7.57×	-1.3×	-0.98×	0.91×	0×	0.55×
P/S	7.2×	8.25×	11.82×	0.98×	15.67×	36.76×	27.91×	39.1×
EV / EBITDA	35.41×	38.17×	22.35×	8.17×	160.48×	66.52×	76.32×	-16.93×
Gross margin	9.6%	71.4%	76.6%	73.7%	75.3%	70.7%	88.2%	97.2%
Operating margin	8.6%	12.4%	11.2%	-3.9%	-8.9%	60.0%	33.9%	284.0%
Net margin	2.2%	1.1%	24.2%	4.3%	7.6%	59.2%	23.3%	-280.9%
Current ratio	0.58×	0.66×	0.95×	0.91×	0.9×	1.2×	0×	130.73×
Debt / equity	1.46×	1.83×	1.72×	-2.75×	-1.44×	0×	0×	0×
Interest coverage	0.88×	1.03×	0.72×	-0.35×	-0.88×	9.21×	4.35×	83.41×
Dividend yield	0.0%	0.0%	12.7%	0.0%	0.0%	0.0%	0.0%	7.4%
Payout ratio	0.0%	0.0%	623.6%	0.0%	0.0%	0.0%	0.0%	-102.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.4%	0.9%	15.5%	-5.7%	-0.5%	1.5%	0.0%	-3.9%
Return on invested capital	1.6%	3.6%	1.8%	-0.7%	-0.2%	1.4%	-938.9%	4.0%
Return on assets	0.8%	0.3%	5.0%	1.4%	0.2%	1.3%	0.0%	-3.9%
Free cash flow yield	-2.1%	-0.9%	-0.5%	-43.2%	-1.9%	-1.6%	-0.0%	-6.5%
Earnings yield	0.3%	0.1%	2.0%	4.4%	0.5%	1.6%	0.8%	-7.2%
Enterprise value	€409.7M	€373.2M	€383.3M	€68.1M	€41.4M	€37.4M	€39.4M	€3.4M
Net debt / EBITDA	5.55×	7.93×	4.05×	5.54×	95.27×	0.31×	0×	0.27×
Cash conversion cycle (days)	210	650	992	623	8,498	1,195	139	98