Piraeus Port Authority S.A. (PPA.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

+30.0%

€57.01

vs €43.85 price

Levered DCF

€59.39

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

3.68

Safe 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	11.83×	8.57×	8.69×	7.45×	11.71×	18.57×	15.39×	13.09×
P/B	2.28×	1.83×	1.63×	1.26×	1.56×	1.95×	2.34×	1.75×
P/S	4.07×	3.25×	2.64×	2.03×	2.79×	3.67×	3.66×	2.76×
EV / EBITDA	7.25×	4.69×	3.98×	3.38×	5.69×	8.32×	8.14×	5.96×
Gross margin	58.7%	58.8%	59.9%	57.1%	49.8%	45.3%	49.6%	44.6%
Operating margin	43.2%	45.0%	46.0%	44.7%	34.2%	29.3%	33.8%	29.4%
Net margin	34.4%	37.9%	30.4%	27.2%	23.8%	19.8%	23.8%	21.0%
Current ratio	1.82×	2.88×	2.94×	2.87×	3.68×	4.18×	3.22×	2.03×
Debt / equity	0.14×	0.22×	0.27×	0.33×	0.4×	0.47×	0.53×	0.3×
Interest coverage	37.01×	39.24×	32.77×	32.92×	15.93×	11.42×	14.56×	39.05×
Dividend yield	4.7%	4.5%	4.5%	4.0%	2.3%	2.8%	1.9%	1.2%
Payout ratio	55.7%	38.2%	38.9%	29.7%	27.2%	51.1%	29.9%	15.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	19.3%	21.4%	18.8%	16.8%	13.3%	10.6%	15.2%	13.3%
Return on invested capital	13.7%	13.5%	12.9%	11.9%	8.0%	6.0%	8.5%	7.2%
Return on assets	12.4%	13.1%	10.9%	9.2%	6.9%	5.5%	7.5%	7.0%
Free cash flow yield	1.6%	6.0%	11.5%	15.4%	7.3%	4.3%	7.8%	8.1%
Earnings yield	8.4%	11.7%	11.5%	13.4%	8.5%	5.4%	6.5%	7.6%
Enterprise value	€931M	€635.4M	€473.2M	€326.3M	€405.2M	€493M	€563.2M	€347.8M
Net debt / EBITDA	-0.69×	-0.85×	-0.9×	-0.71×	-0.35×	0.09×	0.25×	-0.32×
Cash conversion cycle (days)	-103	-54	0	6	20	13	10	24