Sport Lisboa e Benfica - Futebol, SAD (SLBEN.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

-191.4%

-€6.03

vs €6.60 price

Levered DCF

-€146.64

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.27

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	8.29×	3.51×	-2.29×	20.17×	-2.27×	-4.14×	1.55×	2.43×
P/B	1.17×	1.04×	0.87×	0.74×	0.73×	0.5×	0.4×	0.62×
P/S	0.74×	0.52×	0.4×	0.43×	0.47×	0.77×	0.46×	0.43×
EV / EBITDA	3.3×	2.79×	5.32×	3.38×	7.41×	4.16×	1.47×	2.62×
Gross margin	100.0%	100.0%	98.5%	91.7%	92.0%	87.4%	90.2%	90.3%
Operating margin	-29.4%	21.9%	-8.3%	7.0%	-18.7%	-26.7%	38.6%	21.3%
Net margin	8.9%	14.9%	-17.5%	2.2%	-20.7%	-18.5%	29.8%	17.7%
Current ratio	0.6×	0.48×	0.48×	0.74×	0.69×	0.52×	0.64×	1.57×
Debt / equity	1.43×	1.75×	2.71×	1.5×	1.57×	1.01×	0.62×	1.25×
Interest coverage	-2.98×	1.97×	-0.52×	0.81×	-2.31×	-1.66×	3.25×	2.18×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.1%	29.6%	-38.3%	3.7%	-32.1%	-12.1%	25.9%	25.3%
Return on invested capital	-12.5%	11.7%	-3.6%	3.6%	-6.8%	-3.1%	13.0%	9.3%
Return on assets	2.9%	5.8%	-5.5%	0.8%	-6.6%	-3.3%	8.6%	5.9%
Free cash flow yield	-117.2%	-89.7%	-123.7%	-179.8%	-115.4%	-223.1%	-215.2%	-130.1%
Earnings yield	12.1%	28.5%	-43.8%	5.0%	-44.1%	-24.0%	64.8%	41.1%
Enterprise value	€343.4M	€317.7M	€273.3M	€224.3M	€226.4M	€173.4M	€158.6M	€200.6M
Net debt / EBITDA	1.78×	1.73×	3.93×	2.12×	4.81×	2.42×	0.87×	1.68×
Cash conversion cycle (days)	239	37	-10,182	-1,707	-1,853	-1,177	-805	3,005