Nicolás Correa, S.A. (NEA.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

+90.7%

€18.91

vs €9.92 price

Levered DCF

€11.54

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.14

Grey 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	9.01×	6.81×	7.47×	6.33×	13.04×	10.43×	7.11×	5.08×
P/B	1.17×	1.11×	1.07×	0.87×	1.22×	1.06×	1.09×	0.85×
P/S	0.91×	0.77×	0.72×	0.59×	0.95×	0.9×	0.78×	0.56×
EV / EBITDA	5.46×	4.01×	4.82×	3.72×	6.56×	7.21×	5.1×	4.38×
Gross margin	55.5%	30.9%	54.4%	53.6%	54.7%	56.1%	54.4%	54.8%
Operating margin	12.0%	13.4%	11.0%	10.4%	9.5%	9.8%	11.0%	9.4%
Net margin	10.1%	11.3%	9.6%	9.2%	7.3%	8.7%	10.9%	10.9%
Current ratio	1.9×	2.01×	1.66×	1.73×	1.69×	2.24×	1.87×	1.78×
Debt / equity	0.15×	0.06×	0.11×	0.16×	0.2×	0.29×	0.09×	0.09×
Interest coverage	52.43×	55.9×	32.2×	34×	20.15×	20.36×	30.6×	23.11×
Dividend yield	3.4%	3.6%	3.5%	4.4%	2.9%	3.7%	3.5%	0.3%
Payout ratio	31.0%	24.6%	26.5%	27.7%	38.3%	38.7%	24.8%	1.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.0%	16.2%	14.3%	13.6%	9.4%	10.2%	15.2%	16.6%
Return on invested capital	10.5%	14.1%	11.9%	11.2%	7.9%	7.8%	12.9%	11.9%
Return on assets	7.6%	10.1%	7.7%	7.4%	4.8%	5.9%	9.1%	9.6%
Free cash flow yield	-1.0%	11.2%	4.9%	8.3%	18.4%	-0.6%	10.2%	13.4%
Earnings yield	11.1%	14.6%	13.4%	15.7%	7.7%	9.7%	14.0%	19.7%
Enterprise value	€95.7M	€74.5M	€68M	€46.6M	€60.2M	€58.5M	€49.4M	€38.4M
Net debt / EBITDA	-0.73×	-1.03×	-0.77×	-0.86×	-1.35×	-0.14×	-0.84×	-0.16×
Cash conversion cycle (days)	234	168	241	155	218	236	158	164