The Navigator Company, S.A. (NVG.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

+160.9%

€7.91

vs €3.03 price

Levered DCF

€8.39

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.56

Distress zone

Rating

B+

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	15.7×	8.98×	9.1×	6.27×	13.96×	16.67×	14.96×	11.61×
P/B	1.58×	1.88×	1.92×	1.95×	2.28×	1.73×	2.49×	2.18×
P/S	1.13×	1.22×	1.29×	1×	1.49×	1.28×	1.52×	1.53×
EV / EBITDA	8.77×	5.85×	6.01×	4.14×	8.56×	8.53×	8.64×	7.4×
Gross margin	28.7%	57.6%	54.9%	62.8%	60.4%	57.6%	58.2%	36.2%
Operating margin	8.9%	18.1%	18.8%	23.3%	14.4%	10.1%	13.8%	17.9%
Net margin	7.3%	13.7%	14.1%	15.9%	10.7%	7.9%	10.0%	13.3%
Current ratio	1.41×	1.24×	1.42×	1.47×	1.33×	1.12×	1.36×	1.31×
Debt / equity	0.68×	0.75×	0.55×	0.62×	0.85×	1.01×	0.91×	0.64×
Interest coverage	4.24×	8.77×	12.37×	31.59×	14.29×	8.26×	12.84×	18.88×
Dividend yield	7.8%	5.9%	7.9%	5.4%	6.3%	11.2%	7.8%	7.7%
Payout ratio	121.0%	52.3%	72.7%	33.5%	87.3%	181.6%	118.8%	88.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.2%	21.2%	20.9%	31.2%	16.4%	10.6%	16.4%	19.0%
Return on invested capital	5.5%	11.6%	12.7%	19.7%	8.8%	5.5%	8.7%	11.3%
Return on assets	4.5%	8.6%	9.8%	13.5%	6.8%	4.3%	6.6%	8.8%
Free cash flow yield	4.3%	6.6%	6.4%	17.5%	10.5%	14.5%	7.8%	-13.3%
Earnings yield	6.5%	11.2%	10.9%	16.0%	7.2%	6.1%	6.6%	8.7%
Enterprise value	€3.1B	€3.3B	€3.1B	€2.9B	€3B	€2.5B	€3.3B	€3.3B
Net debt / EBITDA	2.39×	1.3×	1.09×	0.63×	1.83×	2.5×	1.99×	1.55×
Cash conversion cycle (days)	110	71	75	101	78	67	68	149