UCB S.A. (UCB.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

+35.1%

€377.35

vs €279.30 price

Levered DCF

€385.81

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

4.94

Safe zone

Rating

A-

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	29.1×	34.26×	43.75×	33.44×	17.92×	21.83×	16.76×	16.82×
P/B	4.17×	3.64×	1.67×	1.54×	2.26×	2.2×	1.89×	2.13×
P/S	5.86×	5.93×	2.86×	2.53×	3.28×	2.99×	2.7×	2.9×
EV / EBITDA	25.28×	19.33×	13.48×	13.67×	12.44×	13.89×	10.66×	10.01×
Gross margin	71.1%	71.5%	67.5%	66.2%	72.1%	71.2%	71.0%	74.1%
Operating margin	15.1%	21.5%	11.5%	7.3%	19.9%	18.3%	22.1%	24.0%
Net margin	20.1%	17.3%	6.5%	7.6%	18.3%	13.7%	16.1%	17.3%
Current ratio	1.38×	1.36×	1.32×	1.06×	1.31×	1.27×	1.38×	1.37×
Debt / equity	0.21×	0.3×	0.34×	0.32×	0.25×	0.38×	0.18×	0.24×
Interest coverage	9.11×	8.33×	4.19×	5.63×	25.49×	14.37×	18.07×	17.94×
Dividend yield	0.6%	0.7%	1.7%	1.8%	1.3%	1.5%	1.7%	1.7%
Payout ratio	16.9%	24.3%	73.5%	59.1%	22.7%	32.1%	28.8%	27.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.3%	10.6%	3.8%	4.6%	12.6%	10.1%	11.3%	12.7%
Return on invested capital	7.2%	8.7%	3.6%	2.5%	8.6%	7.7%	10.2%	11.6%
Return on assets	8.6%	6.1%	2.2%	2.6%	7.4%	5.5%	7.1%	7.6%
Free cash flow yield	4.2%	2.5%	3.0%	4.8%	5.3%	4.1%	4.0%	7.4%
Earnings yield	3.4%	2.9%	2.3%	3.0%	5.6%	4.6%	6.0%	6.0%
Enterprise value	€45.3B	€37.9B	€17.2B	€15.9B	€19.8B	€18.1B	€14.2B	€13.7B
Net debt / EBITDA	-0×	0.74×	1.71×	1.71×	0.54×	1.6×	0.71×	0.17×
Cash conversion cycle (days)	195	194	159	131	136	133	149	136