Repsol, S.A. (REP.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

-36.9%

€19.00

vs €30.13 price

Levered DCF

€34.89

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.13

Grey 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	9.83×	8.17×	5.47×	5.02×	6.37×	-3.87×	-5.98×	10.2×
P/B	0.74×	0.52×	0.65×	0.83×	0.69×	0.64×	0.91×	0.77×
P/S	0.34×	0.24×	0.29×	0.3×	0.31×	0.39×	0.46×	0.47×
EV / EBITDA	6.15×	3.79×	3.25×	2.8×	3.63×	-43.46×	-193.89×	5.66×
Gross margin	13.4%	13.6%	16.1%	23.2%	20.3%	21.1%	13.9%	15.9%
Operating margin	5.0%	3.4%	7.3%	8.5%	7.6%	-7.7%	-6.6%	4.9%
Net margin	3.5%	3.1%	5.4%	6.1%	5.0%	-9.9%	-7.7%	4.7%
Current ratio	1.54×	1.36×	1.54×	1.55×	1.3×	1.29×	1.09×	1.35×
Debt / equity	0.66×	0.46×	0.4×	0.53×	0.65×	0.77×	0.69×	0.5×
Interest coverage	9.45×	3.88×	9.54×	14.12×	9.25×	-4.73×	-6.03×	4.52×
Dividend yield	6.4%	8.3%	5.8%	4.9%	4.0%	2.7%	1.7%	1.3%
Payout ratio	63.0%	65.7%	30.9%	24.2%	25.0%	-10.5%	-10.4%	12.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.6%	6.6%	12.1%	16.8%	11.1%	-16.2%	-15.3%	7.6%
Return on invested capital	4.3%	2.9%	6.6%	7.6%	5.0%	-6.0%	-6.6%	2.7%
Return on assets	3.2%	2.8%	5.1%	7.1%	4.4%	-6.7%	-6.6%	3.9%
Free cash flow yield	6.5%	1.7%	13.1%	20.5%	17.8%	6.6%	7.1%	8.2%
Earnings yield	10.2%	12.7%	18.6%	20.2%	16.1%	-25.4%	-16.7%	9.9%
Enterprise value	€31.9B	€21.3B	€23.4B	€27.8B	€24.5B	€24.2B	€37B	€34B
Net debt / EBITDA	2.55×	1.33×	0.89×	0.69×	1.32×	-20.18×	-74.53×	1.75×
Cash conversion cycle (days)	7	49	48	64	47	56	44	47