Sipef N.V. (SIP.BR) 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

+42.7%

€158.08

vs €110.80 price

Levered DCF

€222.20

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

4.82

Safe 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	7.61×	9.29×	8.38×	6.06×	7.2×	38.8×	-107.89×	19.39×
P/B	0.99×	0.68×	0.71×	0.8×	0.93×	0.86×	1.02×	0.91×
P/S	1.74×	1.38×	1.37×	1.24×	1.62×	2.01×	2.58×	2.12×
EV / EBITDA	3.66×	4.03×	3.81×	2.81×	3.56×	9.13×	16.59×	8.32×
Gross margin	44.0%	36.0%	33.7%	41.9%	40.7%	22.8%	15.0%	26.2%
Operating margin	34.0%	23.5%	24.3%	33.8%	33.5%	11.2%	2.0%	18.2%
Net margin	22.9%	14.8%	16.4%	20.5%	22.5%	5.2%	0.3%	10.9%
Current ratio	2.74×	1.63×	1.53×	1.76×	1.57×	0.94×	0.96×	1×
Debt / equity	0.01×	0.04×	0.03×	0.01×	0.02×	0.25×	0.28×	0.22×
Interest coverage	76.02×	35.25×	51.94×	46.89×	45.03×	6.03×	0.9×	13.41×
Dividend yield	2.4%	3.7%	5.5%	3.4%	0.7%	0.0%	1.0%	3.4%
Payout ratio	18.2%	34.1%	46.4%	20.6%	4.7%	0.0%	762.3%	65.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.0%	7.3%	8.5%	13.2%	12.9%	2.2%	0.1%	4.7%
Return on invested capital	11.9%	7.2%	7.7%	12.3%	11.2%	2.0%	-3.8%	3.9%
Return on assets	10.8%	5.9%	6.7%	10.2%	9.5%	1.5%	0.1%	3.2%
Free cash flow yield	13.9%	7.5%	2.6%	13.1%	13.6%	3.1%	-5.4%	-6.1%
Earnings yield	13.1%	10.8%	11.9%	16.5%	13.9%	2.6%	0.1%	5.2%
Enterprise value	€904.8M	€630.1M	€622.8M	€629.6M	€670.1M	€701M	€806.3M	€695.3M
Net debt / EBITDA	-0.36×	0.12×	0.08×	-0.12×	-0.03×	1.97×	3.39×	1.33×
Cash conversion cycle (days)	87	106	52	93	114	63	142	85