RHI Magnesita N.V. (RHIM.VI) 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

+30.5%

€42.29

vs €32.40 price

Levered DCF

€149.02

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.7

Distress 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	17.6×	12.99×	11.03×	7.82×	7.71×	79.68×	15.6×	12.26×
P/B	1.45×	1.53×	1.51×	1.22×	2.38×	3.03×	2.72×	2.42×
P/S	0.45×	0.53×	0.51×	0.37×	0.73×	0.87×	0.77×	0.63×
EV / EBITDA	6.03×	6.54×	6.13×	4.92×	8.14×	7×	6.32×	5.26×
Gross margin	21.4%	24.3%	24.0%	23.0%	22.9%	24.4%	24.5%	23.9%
Operating margin	9.5%	8.4%	9.4%	10.4%	8.7%	8.9%	9.4%	12.9%
Net margin	2.6%	4.1%	4.6%	4.7%	9.5%	1.1%	4.8%	5.1%
Current ratio	1.46×	1.85×	2.23×	1.96×	1.79×	1.76×	1.85×	1.48×
Debt / equity	1.81×	1.51×	1.66×	1.67×	2.02×	1.79×	1.34×	1.44×
Interest coverage	3.69×	3.01×	3.47×	5.47×	6.83×	3.72×	3.55×	4.12×
Dividend yield	5.6%	4.7%	4.3%	5.8%	3.8%	2.5%	3.4%	1.7%
Payout ratio	98.8%	61.3%	47.1%	45.3%	29.3%	196.6%	55.3%	21.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.2%	11.8%	13.7%	15.6%	30.9%	3.8%	16.9%	19.8%
Return on invested capital	6.5%	6.2%	6.3%	6.6%	6.5%	5.6%	7.9%	11.3%
Return on assets	1.9%	3.1%	3.4%	3.8%	6.2%	0.8%	4.2%	4.5%
Free cash flow yield	12.5%	15.6%	17.6%	6.3%	-18.4%	8.3%	11.0%	14.0%
Earnings yield	5.7%	7.7%	9.1%	12.8%	13.0%	1.3%	6.2%	8.2%
Enterprise value	€3B	€3.1B	€3.1B	€2.4B	€2.9B	€2.5B	€2.9B	€2.6B
Net debt / EBITDA	3.03×	2.63×	2.56×	2.39×	2.89×	1.59×	1.39×	1.33×
Cash conversion cycle (days)	118	113	121	126	119	75	94	74