Koninklijke Delftsch Aardewerkfabriek de Porceleyne Fles Anno 1653 N.V. (PORF.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

-122.0%

-€3.17

vs €14.40 price

Levered DCF

-€9.36

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.91

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	20×	-177.7×	80×	23.58×	18.57×	-11.25×	11.91×	1.41×
P/B	0.71×	0.6×	0.68×	0.71×	0.61×	0.55×	0.56×	0.48×
P/S	1.3×	1.16×	1.37×	1.68×	2.01×	2.2×	1.18×	1.12×
EV / EBITDA	21.52×	17.9×	19.01×	15.63×	14.69×	23.69×	7.25×	24.17×
Gross margin	27.2%	86.4%	86.0%	87.1%	84.7%	91.1%	84.0%	84.8%
Operating margin	4.6%	4.6%	5.9%	13.9%	14.2%	-0.2%	16.6%	-2.2%
Net margin	6.6%	-0.7%	1.8%	7.2%	10.8%	-19.7%	9.8%	79.6%
Current ratio	2.1×	0.81×	1.16×	2.32×	3.46×	3.68×	2.51×	5.04×
Debt / equity	0.92×	1×	0.95×	1.03×	0.97×	0.91×	0.77×	0.62×
Interest coverage	0.89×	0.81×	1.25×	2.98×	2.4×	-0.03×	5.01×	-1.32×
Dividend yield	0.4%	0.4%	0.0%	0.0%	0.0%	0.0%	0.3%	0.0%
Payout ratio	7.0%	-73.7%	0.0%	0.0%	0.0%	0.0%	3.2%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.6%	-0.3%	0.9%	3.0%	3.3%	-4.9%	4.7%	34.4%
Return on invested capital	0.9%	1.2%	1.2%	2.2%	2.1%	-0.0%	3.4%	-0.3%
Return on assets	1.7%	-0.2%	0.4%	1.4%	1.5%	-2.3%	2.4%	19.2%
Free cash flow yield	-22.1%	7.4%	18.9%	-7.5%	7.0%	-17.0%	-5.6%	-13.5%
Earnings yield	5.0%	-0.6%	1.3%	4.3%	5.4%	-8.9%	8.4%	71.0%
Enterprise value	€27.7M	€25.4M	€27.6M	€28M	€21.8M	€19.1M	€21M	€11.5M
Net debt / EBITDA	11.84×	10.76×	11.1×	8.96×	7.99×	13.05×	4.06×	9.6×
Cash conversion cycle (days)	241	541	259	512	813	2,085	619	767