Unicaja Banco, S.A. (UNI.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

+361.0%

€14.70

vs €3.19 price

Levered DCF

€7.48

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.13

Distress zone

Rating

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	11.58×	5.77×	9.09×	10.3×	1.61×	15.96×	9.68×	12.12×
P/B	1.09×	0.48×	0.36×	0.42×	0.28×	0.28×	0.39×	0.47×
P/S	2.77×	0.99×	0.8×	1.41×	1.29×	0.96×	1.23×	1.41×
EV / EBITDA	8.52×	0.63×	-1.27×	5.39×	-15.09×	-32.1×	-10.43×	-8.26×
Gross margin	82.2%	64.8%	66.6%	89.6%	91.1%	87.6%	85.4%	84.4%
Operating margin	35.0%	24.9%	12.5%	19.7%	74.6%	8.4%	13.7%	15.7%
Net margin	24.5%	17.5%	9.0%	14.3%	81.3%	6.6%	13.6%	11.6%
Current ratio	0.21×	0.1×	0.11×	0.06×	0.27×	0.15×	0.11×	0.1×
Debt / equity	2.01×	0.71×	0.77×	0.69×	0.49×	0.19×	0.19×	0.11×
Interest coverage	1.08×	0.71×	0.37×	1.9×	8.37×	0.68×	0.94×	1.01×
Dividend yield	5.0%	8.8%	5.4%	2.5%	1.0%	0.0%	3.9%	1.9%
Payout ratio	56.7%	49.9%	48.2%	24.3%	1.5%	0.0%	35.4%	22.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.7%	8.5%	4.0%	4.3%	17.6%	1.9%	4.3%	3.9%
Return on invested capital	2.5%	2.7%	1.1%	-0.7%	2.9%	0.4%	1.2%	1.0%
Return on assets	0.6%	0.6%	0.3%	0.3%	1.0%	0.1%	0.3%	0.3%
Free cash flow yield	2.3%	-12.5%	117.0%	-637.1%	788.0%	175.6%	-16.1%	20.7%
Earnings yield	8.8%	17.6%	11.3%	10.2%	63.0%	6.9%	11.1%	8.3%
Enterprise value	€8.5B	€568.4M	-€585.1M	€2.5B	-€16.5B	-€4.8B	-€2.3B	-€2B
Net debt / EBITDA	1.34×	-2.98×	-6.39×	-0.39×	-16.71×	-39.69×	-17.6×	-15.86×
Cash conversion cycle (days)	603	-57	-65	-278	-617	-582	-493	-453