Novabase S.G.P.S., S.A. (NBA.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

+23.0%

€8.81

vs €7.16 price

Levered DCF

€6.24

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.82

Safe zone

Rating

Overall 3 / 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	58.33×	32.78×	3.01×	15.54×	18.29×	22.93×	7.37×	12.63×
P/B	6.35×	2.44×	1.87×	2.18×	2.4×	1.73×	1.16×	0.89×
P/S	2.57×	1.32×	1.07×	0.75×	1.13×	0.79×	0.67×	0.4×
EV / EBITDA	20.01×	10.5×	8.08×	10.23×	8.19×	5.17×	3.61×	2.69×
Gross margin	8.6%	45.6%	44.2%	50.6%	38.5%	35.9%	36.0%	41.3%
Operating margin	9.2%	5.5%	5.6%	3.6%	6.6%	6.0%	3.9%	4.9%
Net margin	4.4%	4.7%	35.5%	5.5%	6.3%	6.0%	9.0%	3.2%
Current ratio	1.71×	2.2×	2.03×	1.49×	1.7×	1.74×	1.94×	1.77×
Debt / equity	0.31×	0.27×	0.37×	0.23×	0.34×	0.54×	0.44×	0.29×
Interest coverage	12.26×	5.42×	5.77×	10.77×	12.49×	7.11×	4.47×	7.53×
Dividend yield	14.8%	25.7%	7.8%	10.6%	0.1%	0.0%	19.8%	9.2%
Payout ratio	862.6%	721.3%	23.4%	146.5%	2.5%	0.0%	145.5%	115.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.9%	8.7%	62.3%	15.8%	13.3%	13.1%	15.7%	7.1%
Return on invested capital	11.3%	4.9%	3.4%	4.9%	8.6%	4.7%	3.5%	5.5%
Return on assets	4.2%	4.0%	26.6%	6.0%	5.3%	4.4%	5.7%	2.7%
Free cash flow yield	1.9%	-0.8%	12.1%	6.4%	4.9%	3.2%	0.7%	21.8%
Earnings yield	1.7%	3.6%	33.3%	7.3%	5.5%	7.6%	13.6%	7.9%
Enterprise value	€304.8M	€137.9M	€89M	€95.4M	€110.9M	€57.9M	€61.7M	€15.8M
Net debt / EBITDA	-1×	-3.24×	-4.77×	-2.94×	-3.43×	-3.66×	-1.08×	-7.5×
Cash conversion cycle (days)	133	107	78	109	108	78	96	109