Viohalco S.A. (VIO.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

-150.5%

-€7.58

vs €15.00 price

Levered DCF

-€3.77

After debt service

Piotroski score

9 / 9

Strong

Altman Z-score

2.09

Grey 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	13.01×	8.68×	27.79×	3.9×	6.12×	44.97×	57.59×	9.14×
P/B	1.45×	0.73×	0.82×	0.62×	0.84×	0.8×	0.81×	0.59×
P/S	0.42×	0.21×	0.22×	0.15×	0.22×	0.25×	0.23×	0.16×
EV / EBITDA	6.64×	4.74×	7.43×	4.63×	5.55×	9.25×	9.48×	7.01×
Gross margin	11.9%	11.0%	9.2%	11.2%	11.0%	9.1%	8.3%	9.0%
Operating margin	7.3%	6.7%	4.6%	7.1%	7.0%	4.0%	3.1%	4.5%
Net margin	3.3%	2.4%	0.8%	3.8%	3.6%	0.6%	0.4%	1.7%
Current ratio	1.2×	1.26×	1.3×	1.39×	1.32×	1.15×	1.17×	1.19×
Debt / equity	1.05×	1.16×	1.35×	1.47×	1.55×	1.49×	1.54×	1.53×
Interest coverage	3.31×	2.35×	1.48×	3.98×	3.87×	1.68×	1.33×	1.93×
Dividend yield	1.4%	2.2%	2.3%	2.2%	0.7%	0.3%	0.0%	0.0%
Payout ratio	17.6%	19.3%	64.5%	8.8%	4.0%	12.1%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.1%	8.5%	2.9%	15.8%	13.8%	1.8%	1.4%	6.5%
Return on invested capital	8.1%	7.2%	4.8%	8.7%	7.4%	2.5%	2.1%	5.5%
Return on assets	3.3%	2.5%	0.8%	4.4%	3.7%	0.5%	0.4%	1.9%
Free cash flow yield	1.5%	13.0%	20.5%	-29.2%	-8.7%	9.8%	7.8%	-12.2%
Earnings yield	7.7%	11.6%	3.5%	25.5%	16.4%	2.2%	1.7%	11.1%
Enterprise value	€4.6B	€2.9B	€3.2B	€3.1B	€2.9B	€2.5B	€2.6B	€2.3B
Net debt / EBITDA	2.17×	2.47×	4.29×	3.07×	3.25×	5.75×	5.93×	4.94×
Cash conversion cycle (days)	59	58	82	89	77	81	87	98