Umicore S.A. (UMI.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

-146.5%

-€8.26

vs €17.76 price

Levered DCF

€18.18

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

4.07

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	11.19×	-1.62×	15.56×	14.48×	13.91×	72.76×	36.13×	26.21×
P/B	1.92×	1.24×	1.63×	2.35×	2.77×	3.7×	4.02×	3.2×
P/S	0.22×	0.16×	0.33×	0.32×	0.36×	0.46×	0.6×	0.61×
EV / EBITDA	4.31×	-3.82×	8.02×	8.67×	8.3×	20.59×	17.17×	13.62×
Gross margin	7.2%	14.9%	8.2%	7.9%	8.3%	7.3%	8.1%	10.6%
Operating margin	5.3%	-8.5%	3.2%	3.2%	3.7%	1.5%	2.7%	3.6%
Net margin	2.0%	-10.0%	2.1%	2.2%	2.6%	0.6%	1.6%	2.3%
Current ratio	1.35×	1.29×	1.62×	1.58×	1.71×	1.62×	1.57×	1.72×
Debt / equity	1.27×	1.77×	0.75×	0.67×	0.69×	0.95×	0.66×	0.44×
Interest coverage	6.87×	-9.01×	4.36×	9.36×	11.32×	4.08×	9.32×	11.09×
Dividend yield	1.4%	8.0%	3.2%	2.3%	2.1%	0.6%	1.8%	2.1%
Payout ratio	15.6%	-13.0%	49.9%	33.7%	29.2%	46.1%	64.8%	55.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	17.2%	-76.4%	10.5%	16.2%	19.9%	5.1%	11.1%	12.1%
Return on invested capital	9.0%	-20.4%	6.5%	10.1%	11.4%	3.7%	7.2%	8.8%
Return on assets	4.1%	-15.7%	3.9%	5.7%	6.8%	1.6%	4.1%	5.2%
Free cash flow yield	7.8%	14.3%	2.6%	1.7%	9.8%	1.0%	-1.0%	-6.3%
Earnings yield	8.9%	-61.8%	6.4%	6.9%	7.2%	1.4%	2.8%	3.8%
Enterprise value	€5.6B	€3.8B	€7.2B	€9.4B	€9.6B	€10.9B	€11.9B	€9.2B
Net debt / EBITDA	0.99×	-1.43×	1.37×	1.02×	0.83×	2.68×	2.09×	1.27×
Cash conversion cycle (days)	15	36	43	36	32	39	47	59