TINC N.V. (TINC.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

+133.3%

€24.17

vs €10.36 price

Levered DCF

€13.96

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.79

Grey zone

Rating

Overall 4 / 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	11.14×	9.75×	12.63×	11.88×	19.07×	14.71×	23.45×	16.64×
P/B	0.71×	0.82×	0.86×	0.91×	1.03×	0.99×	0.94×	1.01×
P/S	16.45×	12.71×	11.03×	12.11×	23.48×	18.92×	25.92×	11.55×
EV / EBITDA	12.22×	9.59×	11.8×	10.82×	16.81×	12.33×	16.94×	-69,957.87×
Gross margin	100.0%	86.0%	90.3%	100.0%	0.2%	0.2%	0.2%	100.0%
Operating margin	157.1%	134.5%	87.5%	102.0%	125.5%	133.1%	115.2%	72.3%
Net margin	147.4%	129.9%	87.6%	101.6%	122.5%	129.3%	110.5%	69.7%
Current ratio	0×	0×	0×	0×	0.05×	0.07×	0.16×	0.08×
Debt / equity	0.12×	0.01×	0×	0×	0×	0×	0×	0×
Interest coverage	16.09×	0×	0×	205.24×	145.47×	353.9×	157×	0×
Dividend yield	4.7%	7.3%	4.6%	4.5%	4.0%	4.1%	3.3%	0.0%
Payout ratio	51.9%	71.9%	57.9%	53.6%	75.7%	59.7%	76.4%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.4%	8.4%	6.9%	7.6%	5.4%	6.8%	4.0%	6.1%
Return on invested capital	6.0%	8.4%	7.2%	0.0%	-4530.9%	-7207.6%	-9087.2%	-4667.2%
Return on assets	5.7%	8.3%	6.8%	7.6%	5.4%	6.8%	4.0%	6.1%
Free cash flow yield	-2.0%	4.3%	8.3%	3.1%	3.1%	4.1%	18.7%	8.2%
Earnings yield	9.0%	10.2%	7.9%	8.4%	5.2%	6.8%	4.3%	6.0%
Enterprise value	€529.2M	€421.8M	€399.9M	€397.5M	€430.1M	€394.3M	€315.4M	€297.3M
Net debt / EBITDA	1.75×	0.14×	-0.81×	-1.06×	-1.89×	-1.88×	-5.55×	9,043.6×
Cash conversion cycle (days)	17	19	15	10	-7	-7	-4	5