Gr. Sarantis S.A. (SAR.AT) 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

+80.5%

€21.30

vs €11.80 price

Levered DCF

€20.22

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.76

Safe 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	16.51×	15.32×	14.2×	9.54×	14.83×	16.12×	14.95×	14.54×
P/B	2.17×	1.88×	1.58×	1.32×	2×	2.33×	2.28×	2.11×
P/S	1.45×	1.17×	1.16×	0.97×	1.46×	1.6×	1.55×	1.36×
EV / EBITDA	9.96×	8.99×	8.02×	9.28×	12×	13.19×	10.25×	10.34×
Gross margin	37.1%	37.7%	37.8%	34.1%	35.3%	37.7%	37.2%	37.5%
Operating margin	10.9%	10.2%	9.8%	7.2%	9.0%	12.7%	11.8%	11.8%
Net margin	8.8%	7.7%	8.2%	10.2%	9.9%	9.8%	10.3%	9.5%
Current ratio	2.1×	2.42×	2.93×	2.34×	2.51×	2.73×	2.25×	2.56×
Debt / equity	0.15×	0.22×	0.25×	0.2×	0.23×	0.27×	0.31×	0.21×
Interest coverage	20.15×	10.41×	12.59×	14.19×	36.96×	35.47×	25.04×	29.51×
Dividend yield	2.2%	2.1%	1.7%	2.2%	2.5%	1.7%	1.7%	1.9%
Payout ratio	36.9%	31.9%	24.8%	21.5%	36.4%	28.3%	25.1%	26.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.2%	12.3%	11.1%	13.8%	13.5%	14.3%	15.1%	14.7%
Return on invested capital	10.7%	10.1%	8.1%	6.4%	8.0%	11.7%	11.0%	12.4%
Return on assets	8.4%	7.7%	7.1%	9.1%	8.7%	8.9%	9.0%	9.2%
Free cash flow yield	4.6%	6.3%	9.3%	2.7%	3.3%	0.6%	1.1%	-0.3%
Earnings yield	6.1%	6.5%	7.0%	10.4%	6.8%	6.2%	6.6%	6.9%
Enterprise value	€871.8M	€739M	€536.6M	€439M	€618.8M	€658.6M	€595.6M	€481.6M
Net debt / EBITDA	-0.01×	0.44×	-0.33×	0.09×	0.44×	0.62×	0.4×	0.28×
Cash conversion cycle (days)	87	114	115	124	125	153	148	131