MKB Nedsense N.V. (NEDSE.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

-36.8%

€0.05

vs €0.08 price

Levered DCF

-€0.00

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

12.37

Safe zone

Rating

B-

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	-54.84×	112.5×	61.88×	145.56×	130.71×	-14.5×	19.11×	4.8×
P/B	1.9×	0.73×	1.08×	1.45×	1.81×	1.05×	0.84×	2.08×
P/S	84.16×	-306.82×	46.26×	54.36×	70.6×	41.64×	10.3×	26.69×
EV / EBITDA	-55.92×	0×	401.8×	374.26×	278.02×	-9.86×	11.76×	6.54×
Gross margin	100.0%	245.5%	82.7%	61.4%	74.7%	100.0%	19.3%	80.8%
Operating margin	-224.8%	354.5%	11.7%	14.5%	25.3%	-417.4%	70.1%	546.6%
Net margin	-151.0%	-290.9%	73.8%	38.6%	54.1%	-414.2%	53.9%	557.0%
Current ratio	17.23×	11.48×	11.6×	9.9×	11.98×	10.96×	15.96×	29.38×
Debt / equity	0×	0×	0.02×	0×	0×	0×	0×	1.91×
Interest coverage	-454×	0×	0×	0×	0×	0×	3.5×	2.48×
Dividend yield	25.6%	0.0%	0.0%	0.0%	0.0%	0.0%	6.6%	0.0%
Payout ratio	-1426.2%	0.0%	0.0%	0.0%	0.0%	0.0%	126.6%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-3.4%	0.7%	1.7%	1.0%	1.4%	-10.5%	4.4%	43.3%
Return on invested capital	-5.1%	-0.8%	0.3%	0.7%	1.1%	-30.9%	12.7%	25.9%
Return on assets	-3.3%	0.7%	1.6%	1.0%	1.3%	-10.1%	4.3%	14.6%
Free cash flow yield	-1.1%	-0.9%	-0.4%	-0.4%	-1.8%	-1.0%	-2.3%	138.7%
Earnings yield	-1.8%	0.9%	1.6%	0.7%	0.8%	-9.9%	5.2%	20.9%
Enterprise value	€17M	€6.7M	€10M	€13.1M	€16.1M	€6.4M	€3.3M	€6.9M
Net debt / EBITDA	0×	0×	5.8×	-0.03×	-0.74×	0.12×	-8.79×	1.66×
Cash conversion cycle (days)	9,687	-38,996	3,679	3,300	3,655	26	-128	1,290