Renta 4 Banco, S.A. (R4.MC) 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

+417.0%

€120.97

vs €23.40 price

Levered DCF

€216.37

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.07

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	19.24×	15.82×	15.94×	18.49×	16.29×	15.73×	15.91×	19.6×
P/B	4.65×	3.22×	2.96×	3.42×	3.18×	2.38×	2.75×	3.3×
P/S	2.74×	2.76×	2.07×	3.49×	3.41×	2.89×	3.05×	3.89×
EV / EBITDA	-6.64×	-17.85×	-13.67×	-9.13×	-18.29×	-13.25×	-10.42×	-4.22×
Gross margin	51.1%	83.1%	65.7%	96.6%	96.2%	96.0%	97.4%	98.4%
Operating margin	20.1%	24.3%	18.2%	25.8%	27.0%	24.1%	26.6%	26.9%
Net margin	14.2%	17.5%	13.1%	18.9%	21.1%	18.2%	19.1%	19.7%
Current ratio	106.8×	0.7×	0.57×	62.37×	0.66×	0.49×	0.44×	0.39×
Debt / equity	0.27×	0.16×	0.17×	0.19×	0.15×	0.17×	0.2×	0×
Interest coverage	2.67×	1.43×	2.17×	7.54×	7.03×	5.96×	10.34×	16.55×
Dividend yield	3.0%	4.0%	3.4%	3.7%	3.2%	0.0%	4.0%	4.1%
Payout ratio	58.2%	62.7%	54.5%	67.9%	51.8%	0.0%	63.7%	80.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	24.1%	20.3%	18.7%	18.5%	19.6%	15.0%	17.3%	16.7%
Return on invested capital	1.7%	11.7%	9.7%	0.7%	6.5%	6.8%	5.9%	7.1%
Return on assets	1.7%	1.3%	1.2%	0.9%	1.2%	1.0%	1.0%	1.2%
Free cash flow yield	5.0%	93.2%	86.0%	-101.6%	114.3%	37.1%	83.8%	14.0%
Earnings yield	5.2%	6.3%	6.3%	5.4%	6.2%	6.3%	6.3%	5.1%
Enterprise value	-€481M	-€1B	-€659.4M	-€360M	-€767.2M	-€436.8M	-€347.7M	-€114.9M
Net debt / EBITDA	-17.99×	-26.81×	-22.27×	-19.23×	-28.07×	-21.97×	-18.93×	-15.89×
Cash conversion cycle (days)	0	-85	-41	-398	-164	-286	-418	-761