Texaf S.A. (TEXF.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

-70.6%

€10.59

vs €36.00 price

Levered DCF

-€0.06

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.49

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	14.94×	17.24×	10.38×	14.74×	22.82×	29.92×	12.57×	7.42×
P/B	1.16×	1.13×	1.08×	1.16×	1.16×	1.38×	1.36×	1.06×
P/S	3.57×	3.97×	4.13×	4.49×	5.23×	6.26×	6.08×	5.07×
EV / EBITDA	9.17×	9.95×	6.92×	10.11×	9.95×	13.13×	7.97×	9.59×
Gross margin	13.4%	92.3%	90.4%	89.9%	92.6%	92.8%	90.9%	94.2%
Operating margin	30.0%	31.5%	54.0%	31.3%	35.0%	28.1%	35.9%	46.1%
Net margin	23.9%	23.0%	39.7%	30.4%	22.9%	20.9%	49.7%	68.4%
Current ratio	0.74×	1.26×	0.46×	1.31×	1.78×	1.25×	1.17×	1.13×
Debt / equity	0.27×	0.29×	0.22×	0.11×	0.03×	0.02×	0.09×	0.08×
Interest coverage	4.1×	11.45×	298.49×	477.33×	142.07×	44.86×	21.56×	20.28×
Dividend yield	4.8%	4.7%	4.8%	4.3%	2.1%	1.6%	2.6%	3.0%
Payout ratio	71.8%	81.1%	49.5%	62.7%	48.7%	48.4%	32.0%	22.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.7%	6.6%	10.4%	7.9%	5.1%	4.6%	11.1%	14.4%
Return on invested capital	5.9%	5.6%	7.8%	6.1%	4.2%	3.8%	5.5%	7.5%
Return on assets	5.0%	4.3%	7.0%	5.6%	3.9%	3.5%	8.2%	10.4%
Free cash flow yield	1.7%	3.9%	-1.5%	-3.1%	0.9%	2.1%	2.6%	6.0%
Earnings yield	6.7%	5.8%	9.6%	6.8%	4.4%	3.3%	8.2%	13.5%
Enterprise value	€160.9M	€150.9M	€137M	€129.5M	€115.6M	€131.9M	€131.6M	€97.4M
Net debt / EBITDA	1.54×	1.49×	0.81×	0.5×	-0.27×	-0.5×	-0.01×	0.17×
Cash conversion cycle (days)	52	295	-471	92	740	705	489	1,212