Public Power Corporation S.A. (PPC.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

-1525.3%

-€334.36

vs €23.46 price

Levered DCF

-€91.80

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.98

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	21.41×	28.7×	9.46×	-131.2×	-195.02×	88.66×	-0.57×	-0.33×
P/B	1.23×	0.86×	0.91×	0.61×	0.71×	0.56×	0.32×	0.08×
P/S	0.65×	0.48×	0.54×	0.22×	0.63×	0.37×	0.19×	0.06×
EV / EBITDA	4.61×	6.04×	4.58×	4.44×	8.24×	5.54×	-3.78×	-1,216.22×
Gross margin	18.1%	48.0%	19.4%	34.3%	42.3%	48.7%	37.2%	29.7%
Operating margin	17.0%	15.9%	19.6%	20.9%	2.3%	1.0%	4.3%	-6.7%
Net margin	3.0%	1.7%	5.6%	-0.2%	-0.3%	0.4%	-34.2%	-19.1%
Current ratio	1.08×	1.05×	1.1×	1.38×	1.4×	0.86×	0.76×	0.8×
Debt / equity	1.74×	1.48×	1.33×	1.25×	1.03×	1.38×	1.32×	1×
Interest coverage	3.22×	2.96×	4.22×	8.67×	0.64×	0.31×	1.44×	-1.98×
Dividend yield	2.6%	3.6%	1.5%	1.7%	0.0%	0.0%	0.0%	0.0%
Payout ratio	56.6%	102.0%	14.6%	-219.2%	-0.1%	0.0%	-0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.7%	3.0%	9.4%	-0.5%	-0.4%	0.6%	-55.4%	-22.9%
Return on invested capital	6.1%	6.4%	6.8%	5.5%	0.1%	0.2%	1.6%	-2.8%
Return on assets	1.0%	0.6%	1.8%	-0.1%	-0.1%	0.1%	-12.4%	-6.4%
Free cash flow yield	-12.0%	-4.5%	8.2%	-21.5%	0.4%	28.0%	10.2%	74.4%
Earnings yield	4.6%	3.5%	10.4%	-0.8%	-0.5%	1.1%	-175.9%	-302.0%
Enterprise value	€12.8B	€9.8B	€7.6B	€4.4B	€5.9B	€5.2B	€4.7B	€4.1B
Net debt / EBITDA	2.33×	3.37×	2.09×	1.93×	3.23×	3.7×	-3×	-1,126.4×
Cash conversion cycle (days)	60	161	182	128	222	123	113	126