Talgo, S.A. (TLGO.MC) 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

-951.3%

-€17.79

vs €2.09 price

Levered DCF

-€52.66

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.16

Distress zone

Rating

Overall 2 / 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	-3.54×	-3.91×	39.91×	279.66×	24.68×	-29.57×	20.3×	41.23×
P/B	1.55×	2.43×	1.97×	1.43×	2.33×	1.99×	2.7×	2.22×
P/S	0.56×	0.62×	0.84×	0.86×	1.2×	1.05×	1.96×	2.24×
EV / EBITDA	-42.5×	-14.66×	10.92×	12.06×	11.73×	54.56×	11.15×	11.66×
Gross margin	4.1%	18.7%	23.8%	55.9%	15.9%	10.2%	26.4%	33.8%
Operating margin	-9.1%	-10.7%	9.0%	5.6%	7.5%	-0.7%	12.7%	10.1%
Net margin	-15.9%	-15.8%	2.1%	0.3%	5.0%	-3.6%	9.6%	5.5%
Current ratio	1.41×	1.88×	2.02×	1.66×	1.92×	2.04×	1.99×	2.7×
Debt / equity	3.27×	3.16×	1.63×	1.34×	1.11×	1.21×	0.98×	0.92×
Interest coverage	-1.22×	-6.02×	1.5×	2.21×	5.09×	-0.54×	6.08×	3.73×
Dividend yield	0.0%	0.0%	0.4%	0.4%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	14.1%	116.7%	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	-44.0%	-62.2%	4.9%	0.5%	9.6%	-6.8%	13.2%	5.4%
Return on invested capital	-5.2%	-7.8%	4.1%	0.4%	4.8%	-0.6%	7.2%	3.6%
Return on assets	-6.5%	-8.3%	1.2%	0.1%	2.7%	-1.9%	4.4%	2.0%
Free cash flow yield	-40.5%	-38.5%	-26.0%	-11.8%	0.7%	-21.6%	3.5%	19.5%
Earnings yield	-28.3%	-25.6%	2.5%	0.4%	4.1%	-3.4%	4.9%	2.4%
Enterprise value	€851.3M	€859.9M	€844.7M	€538.9M	€732.5M	€596.3M	€748.5M	€645.8M
Net debt / EBITDA	-25.18×	-7.59×	3.86×	3.05×	1.04×	7.75×	-0.6×	-1.48×
Cash conversion cycle (days)	328	331	229	259	198	135	89	185