Técnicas Reunidas, S.A. (TRE.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

-106.4%

-€1.78

vs €27.94 price

Levered DCF

-€3.92

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.73

Distress zone

Rating

B-

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	13.96×	9.77×	9.58×	-14.48×	-2.14×	56.95×	-140×	106.7×
P/B	3.9×	2.26×	1.86×	7.55×	4.28×	2.33×	4.4×	3.63×
P/S	0.33×	0.2×	0.14×	0.13×	0.15×	0.18×	0.3×	0.28×
EV / EBITDA	6.04×	3.42×	2.43×	13.02×	-4.17×	3.43×	6.77×	18.8×
Gross margin	4.2%	27.5%	26.8%	20.6%	24.4%	26.8%	21.7%	21.8%
Operating margin	4.5%	4.1%	3.8%	0.2%	-5.9%	1.2%	1.0%	1.0%
Net margin	2.4%	2.0%	1.5%	-0.9%	-6.8%	0.3%	-0.2%	0.3%
Current ratio	1.19×	1.14×	1.13×	1.11×	1.04×	1.05×	1.03×	1.11×
Debt / equity	1.63×	2.28×	2.89×	14.55×	8.25×	2.78×	1.97×	1.42×
Interest coverage	4.9×	2.93×	2.69×	0.22×	-6.47×	0.59×	0.7×	0.84×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	4.6%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.9%	-1.0%	477.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	28.3%	23.1%	19.4%	-52.5%	-200.3%	4.1%	-3.2%	3.5%
Return on invested capital	11.9%	7.9%	6.8%	0.7%	-16.1%	2.3%	-0.8%	2.9%
Return on assets	2.7%	1.9%	1.4%	-0.8%	-4.9%	0.3%	-0.2%	0.3%
Free cash flow yield	5.8%	8.6%	11.8%	15.2%	-66.4%	-19.0%	9.8%	8.1%
Earnings yield	7.3%	10.2%	10.4%	-7.0%	-46.8%	1.7%	-0.7%	1.0%
Enterprise value	€1.9B	€748.2M	€456.8M	€604M	€524.5M	€459.9M	€1.1B	€1.1B
Net debt / EBITDA	-0.75×	-0.59×	-0.68×	1.51×	-0.93×	-1.3×	-1.56×	-3.42×
Cash conversion cycle (days)	-19	115	118	157	-49	-70	-42	-47