Nos, S.g.p.s., S.a. (NOS.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

+235.2%

€17.35

vs €5.18 price

Levered DCF

€19.47

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.64

Distress 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	8.35×	6.17×	9.14×	8.59×	12.18×	16.82×	17.14×	19.63×
P/B	1.85×	1.57×	1.66×	1.85×	1.83×	1.54×	2.45×	2.6×
P/S	1.13×	1×	1.02×	1.27×	1.22×	1.07×	1.54×	1.73×
EV / EBITDA	4.57×	3.68×	4.43×	4.7×	5.43×	5.2×	6.14×	6.45×
Gross margin	27.1%	43.2%	23.1%	69.8%	66.8%	69.1%	63.2%	63.3%
Operating margin	16.9%	22.4%	14.7%	11.4%	13.3%	14.2%	21.3%	25.0%
Net margin	13.5%	16.1%	11.3%	14.8%	10.1%	6.7%	9.0%	8.7%
Current ratio	0.6×	0.67×	0.72×	0.52×	0.6×	0.84×	0.75×	0.63×
Debt / equity	1.5×	1.43×	1.75×	1.57×	1.65×	1.61×	1.35×	1.24×
Interest coverage	4.39×	4.7×	3.06×	4.31×	5.06×	7.49×	14.38×	13.32×
Dividend yield	9.9%	10.6%	13.4%	7.4%	8.2%	9.7%	7.3%	5.7%
Payout ratio	83.3%	65.7%	121.5%	63.4%	98.8%	154.9%	125.2%	111.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	22.0%	25.2%	18.3%	21.5%	15.1%	9.7%	14.3%	13.2%
Return on invested capital	9.9%	11.7%	7.3%	5.3%	6.5%	6.2%	11.2%	13.9%
Return on assets	6.9%	8.1%	5.2%	6.5%	4.4%	2.9%	4.6%	4.7%
Free cash flow yield	28.0%	26.3%	14.5%	7.1%	1.7%	13.9%	9.3%	7.6%
Earnings yield	11.9%	16.1%	11.1%	11.6%	8.3%	6.3%	5.8%	5.1%
Enterprise value	€3.7B	€3.2B	€3.4B	€3.6B	€3.3B	€2.8B	€3.8B	€4B
Net debt / EBITDA	2.04×	1.75×	2.27×	2.15×	2.57×	2.52×	2.17×	2.08×
Cash conversion cycle (days)	46	34	45	-54	-81	-84	-40	-32