Thrace Plastics Holding Company S.A. (PLAT.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

+43.5%

€6.72

vs €4.69 price

Levered DCF

€1.50

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.38

Grey zone

Rating

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	9.18×	16.33×	10.22×	6.6×	4.15×	4.43×	23.53×	10.56×
P/B	0.64×	0.65×	0.66×	0.65×	1.2×	0.97×	0.61×	0.6×
P/S	0.44×	0.48×	0.52×	0.43×	0.7×	0.49×	0.27×	0.26×
EV / EBITDA	4.97×	4.95×	4.59×	3.66×	2.76×	2.82×	5.42×	5.89×
Gross margin	21.8%	20.8%	22.3%	21.4%	32.7%	31.2%	19.4%	19.6%
Operating margin	4.8%	4.2%	6.0%	6.9%	19.6%	15.9%	3.7%	4.2%
Net margin	4.8%	2.8%	5.1%	6.5%	16.8%	11.0%	1.1%	2.4%
Current ratio	1.6×	1.71×	2.06×	2.11×	2.01×	1.67×	1.51×	1.17×
Debt / equity	0.31×	0.25×	0.21×	0.23×	0.22×	0.46×	0.74×	0.73×
Interest coverage	5.53×	4.35×	6.26×	13.25×	37.88×	16.2×	2.87×	3.07×
Dividend yield	6.0%	4.2%	8.0%	4.2%	3.9%	2.7%	2.2%	2.4%
Payout ratio	55.3%	72.2%	81.1%	27.6%	16.1%	12.0%	52.1%	26.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.9%	3.8%	6.5%	9.8%	29.0%	21.8%	2.6%	5.6%
Return on invested capital	5.0%	3.6%	5.2%	6.6%	20.8%	15.7%	2.2%	4.2%
Return on assets	4.2%	2.4%	4.4%	6.4%	17.8%	10.9%	1.1%	2.4%
Free cash flow yield	-5.9%	22.9%	9.2%	-14.6%	19.0%	24.8%	-3.2%	-21.9%
Earnings yield	10.8%	5.8%	9.9%	15.1%	24.1%	22.5%	4.2%	9.3%
Enterprise value	€230.1M	€213M	€209.6M	€192M	€289.5M	€204.5M	€171M	€161.5M
Net debt / EBITDA	1.23×	0.8×	0.65×	0.41×	-0.09×	0.53×	2.65×	2.86×
Cash conversion cycle (days)	123	116	117	110	85	106	101	107