Toyota Caetano Portugal, S.A. (SCT.LS) 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

+241.4%

€22.88

vs €6.70 price

Levered DCF

€7.10

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.66

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	8.96×	6.9×	10.2×	8.95×	8.73×	23.08×	10.48×	7.46×
P/B	1.13×	1.02×	1.04×	0.82×	0.68×	0.72×	0.86×	0.71×
P/S	0.34×	0.29×	0.34×	0.27×	0.25×	0.29×	0.26×	0.22×
EV / EBITDA	8.57×	3.38×	5.49×	3.66×	2.85×	4.78×	3.55×	4.02×
Gross margin	7.2%	25.7%	24.5%	24.6%	23.6%	23.0%	19.9%	17.9%
Operating margin	2.5%	7.1%	7.2%	6.8%	5.9%	2.5%	3.9%	4.3%
Net margin	3.8%	4.2%	3.3%	3.1%	2.9%	1.3%	2.5%	2.9%
Current ratio	1.35×	1.27×	1.12×	1.11×	1.15×	1.28×	1.5×	1.4×
Debt / equity	0.47×	0.41×	0.67×	0.34×	0.32×	0.3×	0.31×	0.67×
Interest coverage	2.09×	5.24×	5.62×	11.41×	8.75×	3.73×	9.28×	10.31×
Dividend yield	5.4%	5.5%	5.0%	5.3%	10.4%	0.0%	5.8%	7.2%
Payout ratio	48.8%	37.7%	51.1%	47.6%	89.7%	0.0%	60.5%	54.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.5%	14.9%	10.2%	9.2%	7.9%	3.2%	8.2%	9.4%
Return on invested capital	4.1%	13.3%	8.4%	10.2%	8.2%	2.9%	6.5%	5.8%
Return on assets	5.3%	6.4%	3.8%	4.6%	3.5%	1.5%	3.7%	4.0%
Free cash flow yield	-5.8%	26.7%	-13.4%	6.7%	27.0%	40.1%	30.3%	16.7%
Earnings yield	11.1%	14.6%	9.8%	11.2%	11.6%	4.4%	9.6%	13.2%
Enterprise value	€302.3M	€241.8M	€263.4M	€174.5M	€126.3M	€137.8M	€152.6M	€170.5M
Net debt / EBITDA	2.17×	0.71×	1.84×	0.9×	0.58×	1.14×	0.73×	1.74×
Cash conversion cycle (days)	136	131	179	94	103	110	113	114