Viscofan, S.A. (VIS.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

+89.2%

€103.13

vs €54.50 price

Levered DCF

€78.70

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

4.05

Safe zone

Rating

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	15.52×	17.68×	17.57×	19.93×	19.83×	21.99×	20.75×	18.09×
P/B	2.68×	2.96×	2.58×	3.07×	3.21×	3.66×	2.79×	2.96×
P/S	1.98×	2.31×	2.02×	2.32×	2.72×	2.95×	2.58×	2.85×
EV / EBITDA	9.91×	9.77×	10.11×	10.98×	10.63×	11.8×	11.1×	10.96×
Gross margin	37.3%	67.6%	65.7%	67.6%	70.8%	70.1%	68.0%	71.1%
Operating margin	16.3%	16.7%	15.1%	15.7%	18.0%	17.9%	15.3%	18.6%
Net margin	12.8%	13.0%	11.5%	11.6%	13.7%	13.4%	12.4%	15.8%
Current ratio	1.98×	2.2×	2.25×	2.21×	2.77×	2.78×	3.34×	2.91×
Debt / equity	0.29×	0.23×	0.21×	0.18×	0.13×	0.14×	0.14×	0.15×
Interest coverage	20.67×	19.43×	26.77×	123.3×	189.97×	110.45×	66.27×	68.57×
Dividend yield	2.1%	2.2%	3.6%	3.0%	3.0%	4.1%	3.4%	3.5%
Payout ratio	32.0%	38.3%	63.5%	60.6%	58.9%	89.3%	70.4%	63.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	17.2%	16.8%	14.7%	15.4%	16.2%	16.6%	13.5%	16.3%
Return on invested capital	14.4%	12.6%	12.5%	12.6%	13.2%	13.6%	10.9%	13.3%
Return on assets	11.1%	11.2%	10.0%	10.3%	11.4%	11.8%	9.7%	12.0%
Free cash flow yield	4.3%	5.8%	2.8%	0.2%	4.8%	4.6%	5.3%	2.4%
Earnings yield	6.4%	5.7%	5.7%	5.0%	5.0%	4.6%	4.8%	5.5%
Enterprise value	€2.7B	€2.9B	€2.6B	€2.9B	€2.7B	€2.7B	€2.2B	€2.3B
Net debt / EBITDA	0.76×	0.52×	0.57×	0.42×	0.06×	0.23×	0.3×	0.38×
Cash conversion cycle (days)	244	384	388	346	346	367	375	445