Teixeira Duarte, S.A. (TDSA.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

-1660.2%

-€6.54

vs €0.42 price

Levered DCF

-€4.85

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.76

Distress zone

Rating

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	5.3×	1.3×	-2.32×	-2.09×	-0.34×	10.64×	4.49×	5.09×
P/B	1.83×	0.23×	0.21×	0.13×	0.23×	0.18×	0.22×	0.15×
P/S	0.38×	0.04×	0.04×	0.03×	0.07×	0.06×	0.07×	0.06×
EV / EBITDA	21.58×	6.66×	5.73×	9.85×	-13.21×	8.85×	5.22×	6.05×
Gross margin	14.4%	48.8%	72.4%	68.5%	66.9%	69.4%	74.7%	68.7%
Operating margin	-0.3%	9.1%	5.0%	2.2%	-12.0%	8.6%	6.4%	9.6%
Net margin	7.1%	3.3%	-1.5%	-1.6%	-22.1%	0.6%	1.6%	1.3%
Current ratio	1.14×	1.1×	1.16×	1.08×	1.02×	1.48×	1.51×	1.62×
Debt / equity	4.11×	5.01×	5.78×	3.7×	4.77×	3.86×	2.85×	2.34×
Interest coverage	-0.05×	2.3×	0.62×	0.42×	-1.88×	1.28×	1.12×	1.65×
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	34.2%	17.4%	-9.1%	-6.2%	-70.0%	1.7%	4.8%	3.0%
Return on invested capital	-0.1%	4.6%	-0.4%	1.5%	-4.7%	0.9%	1.5%	1.8%
Return on assets	3.8%	1.8%	-0.8%	-0.8%	-7.2%	0.2%	0.8%	0.6%
Free cash flow yield	5.9%	-55.3%	-171.4%	-338.2%	-92.8%	58.9%	8.5%	239.3%
Earnings yield	18.7%	77.3%	-43.0%	-47.7%	-301.1%	9.4%	22.3%	19.6%
Enterprise value	€763.4M	€676.2M	€674.6M	€725.8M	€758M	€731.5M	€782.7M	€745.6M
Net debt / EBITDA	14.03×	6.33×	5.49×	9.48×	-12.52×	8.39×	4.79×	5.59×
Cash conversion cycle (days)	161	262	369	317	451	314	257	219