Ramada Investimentos e Industria, S.A. (RAM.LS) 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

-57.7%

€2.81

vs €6.64 price

Levered DCF

€3.23

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

32.59

Safe zone

Rating

A-

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	28.46×	6.18×	15.56×	8.38×	12×	17.78×	18.25×	2.76×
P/B	1.9×	1.51×	1.32×	1.25×	1.4×	0.95×	1.22×	1.48×
P/S	18.49×	17.39×	1.16×	0.87×	1.27×	1.2×	1.31×	1.51×
EV / EBITDA	22.02×	20.58×	10.57×	6.5×	8.61×	10.19×	11.46×	11.16×
Gross margin	87.7%	95.7%	24.0%	37.5%	37.1%	36.1%	35.6%	37.5%
Operating margin	81.1%	78.5%	13.2%	14.9%	12.1%	11.0%	10.1%	10.1%
Net margin	65.5%	282.5%	7.4%	10.3%	10.6%	6.8%	7.1%	54.7%
Current ratio	2.81×	2.35×	1.43×	1.55×	1.51×	1.96×	1.97×	2.22×
Debt / equity	0×	0.03×	0.38×	0.41×	0.51×	0.51×	0.69×	0.74×
Interest coverage	42.49×	5.55×	10.39×	15.6×	14.88×	8.25×	7.28×	6.87×
Dividend yield	14.2%	19.7%	12.9%	9.2%	8.5%	0.0%	10.3%	45.1%
Payout ratio	400.8%	121.0%	201.9%	76.8%	102.0%	0.0%	189.2%	124.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.7%	24.5%	8.4%	14.9%	11.6%	5.4%	6.6%	53.6%
Return on invested capital	6.2%	4.4%	9.1%	12.0%	7.2%	4.6%	4.2%	4.4%
Return on assets	6.5%	20.2%	5.1%	8.4%	5.9%	3.1%	3.5%	27.0%
Free cash flow yield	3.8%	7.1%	10.7%	11.3%	8.5%	17.0%	9.7%	1.6%
Earnings yield	3.5%	16.2%	6.4%	11.9%	8.3%	5.7%	5.4%	36.3%
Enterprise value	€188.6M	€178.4M	€194.9M	€193.9M	€193.1M	€134.5M	€181.2M	€213.7M
Net debt / EBITDA	-0.13×	0.11×	1.7×	0.88×	0.52×	0.87×	1.99×	1.12×
Cash conversion cycle (days)	255	158	98	98	65	96	149	160