Recticel SA/NV (RECT.BR) 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

-57.8%

€5.19

vs €12.30 price

Levered DCF

€16.30

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.96

Grey zone

Rating

B-

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	54.44×	32.75×	176.67×	67.57×	29.2×	-71.47×	18.47×	12.06×
P/B	1.29×	1.32×	1.36×	1.95×	2.5×	1.77×	0×	0×
P/S	0.84×	0.96×	1.12×	1.48×	2.17×	0.96×	0.52×	0.31×
EV / EBITDA	13.58×	10.69×	14.09×	19.87×	24.68×	22.64×	4.4×	0×
Gross margin	17.4%	17.1%	17.0%	19.3%	18.9%	17.3%	0.0%	18.0%
Operating margin	3.6%	1.9%	2.4%	6.5%	8.3%	1.2%	2.8%	3.9%
Net margin	1.6%	3.0%	0.6%	10.6%	11.9%	10.2%	2.8%	2.6%
Current ratio	1.83×	2.12×	2.59×	1.97×	1.49×	1.59×	0×	0×
Debt / equity	0.13×	0.13×	0.07×	0.65×	0.68×	0.25×	0×	0×
Interest coverage	9.82×	4.76×	1.52×	6.19×	9.36×	1.99×	3.95×	9.28×
Dividend yield	3.2%	3.0%	2.9%	1.9%	1.5%	2.2%	2.9%	3.4%
Payout ratio	171.1%	95.7%	526.4%	26.0%	27.0%	21.0%	53.2%	41.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.4%	4.1%	0.8%	14.0%	13.7%	18.9%	0.0%	0.0%
Return on invested capital	4.3%	2.0%	2.4%	2.2%	5.0%	1.5%	12.9%	0.0%
Return on assets	1.5%	2.6%	0.5%	5.8%	5.1%	9.0%	0.0%	0.0%
Free cash flow yield	0.4%	-1.1%	4.3%	2.7%	11.1%	-3.4%	2.6%	0.0%
Earnings yield	1.8%	3.1%	0.6%	7.2%	5.5%	10.7%	5.4%	8.3%
Enterprise value	€524.4M	€512.9M	€430.3M	€1.1B	€1.1B	€597M	€384.5M	€0
Net debt / EBITDA	-0.72×	-1.56×	-5.31×	4.44×	3.27×	0.21×	-0.83×	0×
Cash conversion cycle (days)	41	39	43	45	111	62	-2	0