Permanent TSB Group Holdings plc (PTSB.IR) 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

-300.8%

-€5.98

vs €2.98 price

Levered DCF

€44.50

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.17

Distress zone

Rating

C+

Overall 2 / 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	22×	6.55×	38.65×	4.02×	-17.78×	-2.27×	27.14×	-84.44×
P/B	0.7×	0.31×	0.4×	0.35×	0.41×	0.2×	0.26×	0.35×
P/S	1.74×	1.17×	1.45×	2.05×	2.02×	1.05×	1.26×	1.56×
EV / EBITDA	18.44×	0×	0×	0×	0×	0×	0×	0×
Gross margin	72.3%	100.0%	100.3%	100.0%	100.0%	100.0%	100.0%	100.0%
Operating margin	14.3%	19.4%	24.5%	3.1%	4.4%	12.5%	20.3%	25.1%
Net margin	12.7%	24.2%	10.2%	54.0%	-5.5%	-43.2%	7.3%	0.7%
Current ratio	0.75×	0.09×	0.09×	0.09×	0.22×	0.17×	0.08×	0.05×
Debt / equity	1.1×	0.8×	0.75×	0.4×	0.45×	0.43×	0.48×	0.55×
Interest coverage	0.44×	0.45×	1.03×	0.24×	0.39×	1.15×	1.47×	1.46×
Dividend yield	0.0%	5.5%	4.5%	1.2%	2.9%	2.8%	0.0%	0.0%
Payout ratio	0.0%	26.5%	63.2%	4.5%	-105.0%	-6.8%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.1%	6.4%	2.8%	9.3%	-1.1%	-8.3%	1.5%	0.2%
Return on invested capital	0.4%	2.6%	2.9%	0.3%	0.5%	1.6%	1.9%	3.4%
Return on assets	0.4%	0.6%	0.2%	0.9%	-0.1%	-0.8%	0.1%	0.0%
Free cash flow yield	8.0%	158.0%	177.3%	388.9%	95.5%	586.1%	-36.1%	47.6%
Earnings yield	7.3%	20.6%	7.0%	26.3%	-2.7%	-41.3%	5.8%	0.4%
Enterprise value	€3.9B	€693.5M	€824.7M	-€17.2M	-€2.4B	-€1.8B	€252.3M	€990.1M
Net debt / EBITDA	11.09×	0×	0×	0×	0×	0×	0×	0×
Cash conversion cycle (days)	0	0	31	0	0	0	19	30