Papoutsanis S.A. (PAP.AT) 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

-88.1%

€0.41

vs €3.43 price

Levered DCF

-€0.40

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.59

Grey zone

Rating

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	17.13×	11.85×	15.27×	21.36×	13×	15.47×	31.19×	32.35×
P/B	2.94×	2.01×	2.07×	2.36×	2.5×	2.83×	2.2×	1.95×
P/S	1.32×	0.96×	0.99×	0.9×	1.15×	1.53×	1.4×	1.47×
EV / EBITDA	11.48×	8.54×	9.27×	12.31×	8.87×	9.2×	13.05×	15.24×
Gross margin	36.8%	37.3%	34.1%	24.4%	32.5%	32.0%	28.7%	27.7%
Operating margin	31.7%	31.5%	10.7%	5.7%	11.7%	15.0%	6.7%	5.9%
Net margin	7.8%	8.0%	6.6%	4.2%	9.0%	9.6%	4.5%	4.6%
Current ratio	1.19×	1.21×	1.2×	1.16×	1.16×	1.31×	1.28×	1.3×
Debt / equity	0.64×	0.86×	0.81×	1.12×	0.66×	0.57×	0.42×	0.52×
Interest coverage	27.31×	15.11×	5.29×	6.28×	14.32×	14.34×	4.36×	2.93×
Dividend yield	1.8%	3.3%	0.9%	2.3%	3.0%	2.0%	1.2%	0.7%
Payout ratio	30.6%	39.6%	13.2%	48.0%	38.3%	32.1%	36.3%	22.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	17.3%	16.7%	13.7%	11.1%	19.5%	17.7%	7.0%	6.0%
Return on invested capital	34.2%	27.8%	8.9%	4.9%	10.9%	11.0%	4.5%	4.3%
Return on assets	7.4%	6.5%	5.4%	3.6%	7.7%	7.6%	3.5%	2.8%
Free cash flow yield	5.5%	-2.7%	-0.1%	-3.9%	-0.3%	-1.9%	4.2%	2.4%
Earnings yield	5.9%	8.3%	6.6%	4.7%	7.8%	6.3%	3.2%	3.1%
Enterprise value	€124.1M	€86M	€80.1M	€81.9M	€73.6M	€70.7M	€48.6M	€42.4M
Net debt / EBITDA	1.7×	2.21×	2.12×	2.75×	1.24×	1.07×	1.48×	2.38×
Cash conversion cycle (days)	26	33	27	3	1	35	23	39