Orange Belgium S.A. (OBEL.BR) 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

+14.2%

€25.13

vs €22.00 price

Levered DCF

-€27.22

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.11

Distress zone

Rating

C+

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	31.64×	43.65×	19,285.71×	17.77×	30.15×	24.22×	36.96×	31.93×
P/B	1.29×	1×	1.22×	1.5×	1.91×	2.13×	2.1×	1.76×
P/S	0.66×	0.48×	0.46×	0.74×	0.9×	1.02×	0.96×	0.84×
EV / EBITDA	5.42×	5.16×	6.87×	3.75×	4.02×	4.72×	5.22×	4.65×
Gross margin	30.6%	31.1%	51.0%	47.9%	57.0%	57.3%	52.4%	51.5%
Operating margin	7.8%	6.0%	4.5%	6.9%	4.2%	5.4%	3.6%	3.5%
Net margin	2.1%	1.1%	0.0%	4.2%	3.0%	4.2%	2.6%	2.7%
Current ratio	0.54×	0.61×	0.43×	0.37×	0.61×	0.48×	0.58×	0.62×
Debt / equity	2.07×	2.23×	3.73×	0.71×	0.68×	0.83×	0.93×	0.5×
Interest coverage	1.58×	1.04×	0.97×	6.78×	17.24×	13.12×	7.38×	8.89×
Dividend yield	0.0%	0.0%	0.0%	0.0%	2.5%	2.3%	2.4%	2.9%
Payout ratio	0.0%	0.0%	915.9%	0.0%	75.5%	55.6%	88.3%	92.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.1%	2.3%	0.0%	8.4%	6.4%	8.8%	5.7%	5.5%
Return on invested capital	4.5%	3.5%	2.3%	4.9%	3.7%	4.8%	3.2%	4.1%
Return on assets	1.0%	0.5%	0.0%	2.8%	2.4%	3.1%	1.9%	2.2%
Free cash flow yield	11.1%	13.9%	9.0%	-37.5%	11.9%	12.8%	12.8%	7.9%
Earnings yield	3.2%	2.3%	0.0%	5.6%	3.3%	4.1%	2.7%	3.1%
Enterprise value	€3.3B	€3B	€3.2B	€1.5B	€1.6B	€1.8B	€1.8B	€1.3B
Net debt / EBITDA	3.29×	3.53×	5.15×	1.14×	0.95×	1.21×	1.56×	0.95×
Cash conversion cycle (days)	-9	-6	-4	-11	-84	-102	-89	-70