Semapa - Sociedade de Investimento e Gestão, SGPS, S.A. (SEM.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

+59.5%

€31.64

vs €19.84 price

Levered DCF

€47.82

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.1

Distress zone

Rating

A+

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	10.83×	4.87×	4.38×	3.21×	4.72×	6.77×	8.91×	7.99×
P/B	0.98×	0.69×	0.73×	0.75×	0.86×	0.76×	1.15×	1.19×
P/S	0.8×	0.4×	0.4×	0.32×	0.44×	0.39×	0.5×	0.48×
EV / EBITDA	8.88×	3.79×	3.16×	2.25×	4.04×	4.78×	5.58×	5.06×
Gross margin	55.3%	34.6%	57.9%	63.7%	63.2%	28.9%	61.2%	62.7%
Operating margin	8.8%	15.1%	16.3%	20.6%	14.5%	10.7%	10.8%	14.3%
Net margin	7.4%	8.2%	9.0%	9.8%	9.3%	5.7%	5.6%	6.0%
Current ratio	0.57×	1.14×	1.08×	1.14×	1.09×	1×	1.01×	1.09×
Debt / equity	0.75×	1.06×	0.95×	1.12×	1.37×	1.83×	1.88×	1.95×
Interest coverage	3.59×	5.39×	6×	13.7×	7.2×	4.16×	4.35×	5.81×
Dividend yield	6.0%	8.4%	12.7%	21.9%	9.2%	9.8%	9.6%	10.9%
Payout ratio	65.4%	41.0%	55.7%	70.4%	43.5%	66.1%	85.1%	87.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.0%	14.2%	16.6%	23.2%	18.1%	11.2%	12.9%	14.9%
Return on invested capital	4.1%	8.5%	9.9%	14.0%	9.1%	5.6%	6.2%	7.6%
Return on assets	3.0%	4.4%	5.2%	6.7%	5.1%	2.8%	3.1%	3.3%
Free cash flow yield	14.4%	22.1%	25.8%	55.9%	36.8%	52.4%	23.3%	-37.2%
Earnings yield	9.2%	20.5%	22.8%	31.1%	21.2%	14.8%	11.2%	12.5%
Enterprise value	€2.8B	€2.4B	€2.2B	€1.9B	€2B	€2B	€2.7B	€2.6B
Net debt / EBITDA	3.57×	1.99×	1.62×	1.07×	2.2×	3.08×	3.25×	3.01×
Cash conversion cycle (days)	77	54	74	161	120	110	144	156