PB Holding N.V. (PBH.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

-11476.9%

-€395.92

vs €3.48 price

Levered DCF

-€539.34

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.27

Distress zone

Rating

D+

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014
P/E	-14.21×	-2.5×	-68.57×	167.06×	15.15×	8.86×	9.31×	20.31×
P/B	0×	0.53×	0.54×	0.52×	0.71×	0.64×	0.68×	0.52×
P/S	0×	0.09×	0.08×	0.07×	0.1×	0.09×	0.09×	0.08×
EV / EBITDA	0×	18.08×	5.99×	6.42×	6.5×	5.74×	5.98×	7.56×
Gross margin	0.0%	18.2%	17.5%	17.8%	16.9%	17.3%	17.2%	18.4%
Operating margin	0.0%	-2.3%	2.6%	0.7%	1.1%	1.7%	1.7%	0.4%
Net margin	0.0%	-3.5%	-0.1%	0.0%	0.7%	1.0%	1.0%	0.4%
Current ratio	0×	1.06×	1.07×	1.04×	1.02×	0.61×	0.86×	0.99×
Debt / equity	0×	1.64×	1.66×	2.18×	1.91×	1.9×	1.97×	2.08×
Interest coverage	0×	-3.12×	3.6×	1.85×	3.84×	5.52×	4.16×	0.94×
Dividend yield	0.0%	0.0%	24.3%	5.2%	5.0%	5.6%	0.0%	0.0%
Payout ratio	0.0%	0.0%	-1656.6%	875.8%	75.7%	50.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014
Return on equity	0.0%	-21.2%	-0.8%	0.3%	4.7%	7.2%	7.3%	2.6%
Return on invested capital	0.0%	-5.1%	1.8%	0.2%	2.2%	3.0%	3.2%	-12.1%
Return on assets	0.0%	-6.1%	-0.2%	0.1%	1.2%	1.8%	1.9%	0.6%
Free cash flow yield	0.0%	8.8%	-136.5%	-120.1%	-65.9%	-59.9%	-100.7%	-50.0%
Earnings yield	-7.0%	-40.0%	-1.5%	0.6%	6.6%	11.3%	10.7%	4.9%
Enterprise value	€0	€271.8M	€334.8M	€418.3M	€416.4M	€398.4M	€398.8M	€364.5M
Net debt / EBITDA	0×	13.67×	4.53×	5.17×	4.73×	4.29×	4.43×	6.03×
Cash conversion cycle (days)	0	65	46	39	36	36	35	33