REN - Redes Energéticas Nacionais, SGPS, S.A. (RENE.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

+154.1%

€9.15

vs €3.60 price

Levered DCF

€6.69

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.74

Distress zone

Rating

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	13.42×	9.91×	10.59×	14.82×	17×	14.81×	15.11×	14.29×
P/B	1.41×	0.97×	1.02×	1.1×	1.2×	1.12×	1.25×	1.1×
P/S	2.1×	1.54×	1.63×	2.19×	2.17×	2.23×	2.47×	2.41×
EV / EBITDA	10.35×	8.84×	7.86×	7.39×	8.75×	9.03×	9.38×	9.2×
Gross margin	64.5%	55.5%	69.8%	77.5%	72.6%	79.5%	77.7%	84.9%
Operating margin	17.8%	48.6%	104.6%	32.2%	28.0%	32.4%	34.3%	38.5%
Net margin	15.7%	15.5%	15.7%	14.6%	12.4%	15.5%	16.3%	17.3%
Current ratio	0.24×	0.38×	0.68×	0.68×	0.82×	0.55×	0.35×	0.59×
Debt / equity	1.66×	1.63×	1.81×	1.54×	1.96×	2.01×	1.98×	1.85×
Interest coverage	2.38×	5.34×	12.66×	3.97×	4.64×	4.05×	3.9×	3.83×
Dividend yield	4.9%	6.8%	6.6%	8.7%	6.7%	7.2%	6.3%	7.0%
Payout ratio	65.2%	67.0%	68.4%	129.4%	116.7%	103.8%	95.4%	98.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.5%	9.8%	9.9%	7.4%	6.9%	7.8%	8.2%	7.9%
Return on invested capital	3.4%	8.9%	16.1%	3.9%	3.1%	3.5%	3.7%	3.8%
Return on assets	3.0%	2.8%	2.6%	1.7%	1.7%	2.1%	2.2%	2.2%
Free cash flow yield	19.5%	40.3%	-40.1%	9.2%	29.5%	13.1%	9.3%	12.8%
Earnings yield	7.5%	10.1%	9.7%	6.7%	5.7%	6.9%	6.6%	7.2%
Enterprise value	€4.6B	€4B	€4.2B	€3.6B	€4.1B	€4.3B	€4.7B	€4.3B
Net debt / EBITDA	5.57×	5.5×	4.99×	4×	5.1×	5.76×	5.74×	5.73×
Cash conversion cycle (days)	-326	21	-303	-294	-240	-285	-149	-578