Solvac S.A. (SOLV.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

-108.3%

-€6.86

vs €82.50 price

Levered DCF

-€6.86

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

6.94

Safe 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	13.99×	20.24×	20.64×	3.63×	7.95×	-7.71×	79.33×	8.71×
P/B	0.7×	0.84×	1.04×	0.73×	0.98×	1.26×	0.97×	0.87×
P/S	465,044.5×	423,901.44×	525,603.6×	3.6×	7.82×	-7.91×	68.75×	8.56×
EV / EBITDA	14.78×	-747.07×	-1,109.43×	-1,449.44×	-1,536.44×	10.36×	91.05×	12.06×
Gross margin	-71392.1%	-48500.0%	-48780.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Operating margin	-104067.7%	-61060.0%	-94840.0%	-0.3%	-0.7%	1.3%	97.3%	99.6%
Net margin	3324813.5%	2093960.0%	2546860.0%	99.2%	98.3%	102.6%	86.5%	98.2%
Current ratio	0.54×	0.3×	0.83×	0.77×	0.73×	0.72×	0.84×	0.8×
Debt / equity	0.06×	0.06×	0.08×	0.25×	0.31×	0.39×	0.28×	0.35×
Interest coverage	-1.21×	0×	0×	-0.67×	-0.67×	-1×	9×	68.75×
Dividend yield	0.0%	5.9%	4.7%	5.5%	5.0%	4.8%	4.6%	4.7%
Payout ratio	0.1%	118.6%	97.5%	20.0%	39.6%	-37.2%	362.5%	41.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.0%	4.2%	5.0%	20.0%	12.3%	-16.4%	1.2%	9.9%
Return on invested capital	-0.1%	-0.1%	-0.2%	-0.1%	-0.1%	-0.1%	0.9%	6.0%
Return on assets	4.6%	3.8%	4.6%	15.9%	9.3%	-11.7%	0.9%	7.3%
Free cash flow yield	-0.0%	-0.1%	-0.2%	5.7%	5.0%	4.7%	4.6%	4.7%
Earnings yield	7.1%	4.9%	4.8%	27.5%	12.6%	-13.0%	1.3%	11.5%
Enterprise value	€1.9B	€2.3B	€2.8B	€2.9B	€3.1B	€3.1B	€3.3B	€3.3B
Net debt / EBITDA	1.14×	-52.38×	-76.41×	-370×	-371.5×	2.45×	20.39×	3.47×
Cash conversion cycle (days)	-20	2,327,068	3,868,341	13	60	-59	483	62