Value8 N.V. (VALUE.AS) 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

-43.6%

€3.64

vs €6.45 price

Levered DCF

-€0.85

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

1.43

Distress 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	3.69×	7.91×	9.34×	-21.77×	3.47×	5.73×	12.68×	11.29×
P/B	0.52×	0.55×	0.56×	0.6×	0.66×	0.64×	0.8×	0.67×
P/S	21.76×	10.44×	16.66×	13.24×	15.14×	67.22×	9.21×	7.37×
EV / EBITDA	4.39×	7.88×	9.93×	-24.56×	4.09×	5.68×	8.59×	8.88×
Gross margin	95.5%	79.6%	69.9%	77.3%	78.0%	-10.0%	84.8%	85.5%
Operating margin	628.8%	137.1%	192.0%	-53.6%	454.4%	1167.2%	72.8%	70.3%
Net margin	588.2%	132.6%	177.2%	-60.9%	442.6%	1171.5%	72.5%	65.4%
Current ratio	0.71×	5.1×	3×	4.15×	3.56×	10.6×	28.35×	10.03×
Debt / equity	0.16×	0.05×	0.1×	0.1×	0.16×	0.03×	0.04×	0.05×
Interest coverage	22.19×	18.36×	11.22×	-7.3×	37.99×	26.34×	15.85×	8.85×
Dividend yield	1.2%	2.4%	0.9%	2.9%	1.1%	2.9%	2.6%	23.5%
Payout ratio	4.3%	19.0%	8.5%	-64.0%	3.9%	16.7%	33.3%	264.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.2%	6.9%	6.0%	-2.8%	19.2%	11.2%	6.3%	6.0%
Return on invested capital	12.6%	6.8%	5.9%	-2.6%	17.8%	12.4%	6.7%	7.6%
Return on assets	12.1%	6.5%	5.4%	-2.5%	16.3%	10.7%	6.0%	5.6%
Free cash flow yield	-1.4%	11.3%	-2.3%	-0.7%	2.8%	-4.8%	0.3%	70.5%
Earnings yield	27.0%	12.7%	10.6%	-4.6%	29.2%	17.4%	7.9%	8.9%
Enterprise value	€80M	€60.4M	€63.8M	€63.8M	€77.7M	€49.8M	€41.5M	€41.5M
Net debt / EBITDA	0.96×	0.55×	1.42×	-3.39×	0.77×	-0.04×	-3.25×	-1.54×
Cash conversion cycle (days)	-110	-77	-40	-65	-249	-45	356	185