Tessenderlo Group N.V. (TESB.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

+247.7%

€60.02

vs €17.26 price

Levered DCF

€23.99

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.74

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	-19.55×	27×	16.21×	6.33×	7.63×	14.2×	14.1×	13.66×
P/B	0.94×	0.61×	0.92×	1.03×	1.27×	1.56×	2.01×	1.71×
P/S	0.57×	0.44×	0.61×	0.56×	0.69×	0.81×	0.78×	0.77×
EV / EBITDA	9.92×	4.68×	5.61×	3.32×	4.27×	5.14×	6.32×	7.73×
Gross margin	19.0%	19.4%	19.1%	25.8%	26.3%	27.7%	25.1%	23.8%
Operating margin	2.4%	0.6%	4.1%	11.1%	10.8%	10.1%	7.7%	6.0%
Net margin	-2.9%	1.6%	3.7%	8.8%	9.0%	5.7%	5.5%	5.7%
Current ratio	2.07×	2.11×	2.57×	2.54×	1.84×	2.38×	2.12×	2.31×
Debt / equity	0.12×	0.14×	0.12×	0.19×	0.36×	0.5×	0.74×	0.7×
Interest coverage	5.81×	1.4×	13.25×	32.01×	21.5×	17.08×	9.18×	8.01×
Dividend yield	2.8%	4.6%	2.2%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	-55.5%	126.5%	36.4%	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	-4.8%	2.3%	5.7%	16.2%	16.6%	11.0%	14.2%	12.5%
Return on invested capital	3.0%	0.6%	4.8%	12.1%	10.4%	8.0%	7.0%	5.1%
Return on assets	-3.1%	1.4%	3.8%	9.9%	8.5%	5.0%	5.0%	5.0%
Free cash flow yield	4.7%	13.1%	2.3%	6.1%	10.6%	13.0%	8.6%	2.0%
Earnings yield	-5.1%	3.7%	6.2%	15.8%	13.1%	7.0%	7.1%	7.3%
Enterprise value	€1.6B	€1.2B	€1.8B	€1.5B	€1.5B	€1.6B	€1.7B	€1.6B
Net debt / EBITDA	0.25×	0.28×	0.18×	0.24×	0.24×	0.7×	1.29×	1.68×
Cash conversion cycle (days)	98	109	110	116	101	105	97	97