Realia Business, S.A. (RLIA.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

+195.5%

€2.74

vs €0.93 price

Levered DCF

€3.31

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.09

Distress zone

Rating

S-

Overall 5 / 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	11.48×	34×	34.75×	14.92×	11.16×	261.54×	17.04×	14.7×
P/B	0.66×	0.72×	0.74×	0.74×	0.58×	0.53×	0.74×	0.59×
P/S	4.55×	6.35×	7.54×	7.66×	3.57×	5.28×	10.04×	7.75×
EV / EBITDA	11.12×	32.93×	18.38×	14.89×	10.39×	28.49×	13.61×	33.2×
Gross margin	44.4%	60.3%	57.9%	119.4%	100.0%	100.0%	73.6%	72.1%
Operating margin	46.0%	26.0%	51.4%	65.3%	37.4%	35.7%	79.7%	66.7%
Net margin	39.6%	18.7%	21.7%	51.3%	32.0%	2.0%	59.0%	52.7%
Current ratio	0.57×	0.67×	2×	2.94×	2.55×	5.19×	6.43×	8.23×
Debt / equity	0.31×	0.38×	0.49×	0.48×	0.45×	0.55×	0.57×	0.61×
Interest coverage	4.86×	1.66×	2.09×	5.57×	5.81×	0×	4.7×	3.43×
Dividend yield	0.0%	5.1%	4.9%	0.4%	0.2%	1.5%	1.1%	1.2%
Payout ratio	0.0%	172.0%	171.0%	5.3%	1.8%	383.7%	18.2%	17.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.8%	2.1%	2.1%	4.9%	5.2%	0.2%	4.3%	4.0%
Return on invested capital	3.6%	1.8%	2.9%	2.9%	2.7%	1.4%	2.2%	1.9%
Return on assets	3.6%	1.2%	1.2%	2.8%	2.8%	0.1%	2.1%	1.9%
Free cash flow yield	9.6%	8.3%	6.3%	6.2%	14.1%	5.4%	2.0%	3.8%
Earnings yield	8.7%	2.9%	2.9%	6.7%	9.0%	0.4%	5.9%	6.8%
Enterprise value	€2B	€1.3B	€1.4B	€1.4B	€1.1B	€1.1B	€1.3B	€1.1B
Net debt / EBITDA	3.02×	11.11×	6.94×	5.64×	4.27×	13.83×	5.45×	15.58×
Cash conversion cycle (days)	-90	2,192	2,367	2,613	1,525	4,748	6,074	5,419