Banco de Sabadell, S.A. (SAB.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

+441.3%

€18.73

vs €3.46 price

Levered DCF

-€11.03

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

-0.65

Distress zone

Rating

B+

Overall 3 / 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	10.53×	5.87×	4.83×	6.29×	7.7×	-27.66×	8×	16.96×
P/B	1.33×	0.67×	0.43×	0.38×	0.25×	0.16×	0.45×	0.46×
P/S	2.4×	1.17×	1.2×	1.13×	0.81×	0.54×	1.35×	1.32×
EV / EBITDA	14.03×	10.11×	8.62×	12.28×	-23.16×	107.59×	11.23×	63.72×
Gross margin	59.7%	59.3%	111.3%	100.0%	132.7%	108.8%	127.8%	131.9%
Operating margin	26.7%	23.4%	37.9%	29.3%	15.3%	18.8%	22.4%	9.9%
Net margin	22.8%	21.1%	26.7%	20.5%	13.0%	0.1%	18.1%	7.8%
Current ratio	1.64×	0.18×	33.04×	44.66×	75.02×	60.57×	283.95×	229.76×
Debt / equity	3.09×	3.01×	3.67×	4.87×	1.76×	5.12×	2.05×	5.47×
Interest coverage	0.79×	0.43×	0.48×	1.07×	0.86×	0.74×	0.7×	0.35×
Dividend yield	7.3%	5.9%	4.6%	5.7%	0.0%	5.7%	1.0%	7.0%
Payout ratio	77.1%	32.4%	20.6%	31.6%	0.0%	5621.3%	7.3%	119.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.6%	12.2%	9.6%	6.8%	4.1%	0.0%	5.9%	2.7%
Return on invested capital	0.5%	1.9%	0.5%	0.8%	0.7%	-0.0%	0.4%	0.2%
Return on assets	0.7%	0.8%	0.6%	0.4%	0.2%	0.0%	0.3%	0.1%
Free cash flow yield	7.4%	57.5%	-184.4%	-143.3%	358.0%	998.8%	-194.0%	-75.5%
Earnings yield	9.5%	18.1%	22.2%	18.1%	16.0%	0.1%	13.3%	5.9%
Enterprise value	€32.6B	€23.3B	€19.7B	€22.3B	-€24.2B	€28.8B	€15.3B	€45.6B
Net debt / EBITDA	6×	5.73×	6×	9.57×	-26.32×	100.2×	7.01×	55.94×
Cash conversion cycle (days)	-51	-50	-54	17	5	-93	7,642	10,610