Tubacex, S.A. (TUB.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

-1370.2%

-€34.68

vs €2.73 price

Levered DCF

-€29.59

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.18

Distress zone

Rating

C-

Overall 1 / 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
P/E	-13.36×	17.16×	11.93×	11.76×	-5.77×	-6.85×	25.73×
P/B	1.4×	1.05×	1.81×	1.09×	0.94×	0.73×	1.28×
P/S	0.57×	0.52×	0.51×	0.34×	0.54×	0.38×	0.6×
EV / EBITDA	19.81×	6.21×	6.14×	5.94×	34.22×	14.48×	9.49×
Gross margin	24.0%	60.7%	57.2%	61.6%	56.9%	49.7%	51.1%
Operating margin	-3.6%	8.3%	9.5%	6.2%	-9.1%	-2.9%	3.7%
Net margin	-4.3%	3.0%	4.3%	2.8%	-9.4%	-5.5%	1.8%
Current ratio	1.22×	1.27×	0.97×	1.05×	1.23×	1.27×	1.14×
Debt / equity	1.8×	1.37×	2.11×	2.26×	2.67×	2.12×	1.51×
Interest coverage	-0.92×	1.69×	2.43×	1.97×	-2.14×	-0.94×	1.69×
Dividend yield	6.1%	3.7%	1.9%	0.0%	0.0%	0.0%	1.6%
Payout ratio	-79.9%	63.4%	22.3%	0.0%	0.0%	0.0%	53.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-10.7%	6.0%	15.1%	9.1%	-16.3%	-10.5%	3.9%
Return on invested capital	-2.6%	5.1%	8.2%	4.6%	-3.5%	-1.5%	2.8%
Return on assets	-2.6%	1.7%	3.0%	1.7%	-3.1%	-2.4%	1.0%
Free cash flow yield	-15.8%	-30.7%	6.5%	25.2%	-27.4%	-19.2%	5.3%
Earnings yield	-7.6%	5.8%	8.4%	8.4%	-17.4%	-14.5%	3.0%
Enterprise value	€790.2M	€688.8M	€781.4M	€578.5M	€570.6M	€527.4M	€657.8M
Net debt / EBITDA	9.53×	2.63×	2.73×	3.46×	23.14×	9.68×	4.2×
Cash conversion cycle (days)	221	334	197	233	493	281	177