Nedap N.V. (NEDAP.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

-0.7%

€91.69

vs €92.30 price

Levered DCF

€212.49

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

9.95

Safe zone

Rating

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	24.17×	19.5×	19.94×	19.16×	22.2×	23.94×	12.97×	15.56×
P/B	6.63×	4.32×	5.06×	4.41×	5.05×	4.5×	4.25×	4.09×
P/S	2.12×	1.44×	1.65×	1.56×	1.96×	1.74×	1.63×	1.39×
EV / EBITDA	13.63×	10.84×	11.74×	10.95×	12.33×	12.07×	8.57×	10.19×
Gross margin	23.5%	25.9%	22.5%	23.1%	22.8%	22.3%	20.8%	62.1%
Operating margin	11.4%	9.5%	10.6%	10.4%	11.5%	9.1%	9.1%	10.2%
Net margin	8.8%	7.4%	8.2%	8.2%	8.8%	7.2%	12.6%	8.9%
Current ratio	1.84×	2.14×	2.25×	2.45×	2.62×	2.72×	2.69×	2.1×
Debt / equity	0.05×	0.19×	0.19×	0.2×	0.2×	0.22×	0.23×	0.29×
Interest coverage	49.93×	23.13×	36.3×	72.43×	71.89×	59.88×	69.12×	73.42×
Dividend yield	3.6%	5.8%	4.6%	5.5%	3.6%	4.4%	5.2%	6.0%
Payout ratio	86.0%	113.8%	90.9%	104.6%	79.8%	105.8%	66.9%	93.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	27.5%	22.1%	25.4%	23.0%	22.8%	18.8%	32.8%	26.3%
Return on invested capital	26.0%	19.0%	22.0%	19.2%	19.0%	15.2%	15.1%	19.7%
Return on assets	17.9%	13.5%	15.5%	13.9%	13.8%	11.4%	19.9%	14.8%
Free cash flow yield	6.2%	3.8%	2.6%	1.7%	4.5%	6.6%	11.1%	4.6%
Earnings yield	4.1%	5.1%	5.0%	5.2%	4.5%	4.2%	7.7%	6.4%
Enterprise value	€594.9M	€373.3M	€437.7M	€356.8M	€392.6M	€320.5M	€310.9M	€281.9M
Net debt / EBITDA	0.02×	0.33×	0.15×	-0.04×	-0.41×	-0.35×	-0.05×	0.6×
Cash conversion cycle (days)	86	94	85	97	85	83	100	187