Vocento, S.A. (VOC.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

-18.1%

€0.70

vs €0.85 price

Levered DCF

€0.38

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.11

Distress zone

Rating

Overall 2 / 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	11.5×	-0.76×	16.52×	20.32×	8.55×	-5.12×	12.3×	12.26×
P/B	0.72×	0.69×	0.32×	0.36×	0.55×	0.58×	0.69×	0.63×
P/S	0.23×	0.22×	0.18×	0.22×	0.35×	0.35×	0.38×	0.35×
EV / EBITDA	6.34×	-2.75×	2.48×	2.84×	2.99×	-1,098.25×	5.16×	4.35×
Gross margin	47.4%	93.8%	46.0%	91.4%	78.0%	21.6%	73.2%	73.8%
Operating margin	-2.5%	-10.4%	8.9%	2.2%	5.1%	-1.7%	5.1%	6.6%
Net margin	2.0%	-28.4%	1.1%	3.8%	4.2%	-6.9%	3.2%	2.8%
Current ratio	0.92×	1.05×	1.21×	1.03×	1.08×	0.96×	0.91×	1.02×
Debt / equity	0.35×	0.73×	0.28×	0.21×	0.26×	0.48×	0.33×	0.29×
Interest coverage	-2.5×	-7.17×	8.79×	4.65×	6.56×	-2.06×	17.27×	11.56×
Dividend yield	4.1%	12.0%	8.3%	7.1%	2.0%	1.8%	6.8%	6.4%
Payout ratio	46.6%	-9.1%	137.1%	42.0%	16.3%	-9.1%	80.3%	78.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.2%	-91.4%	1.9%	6.1%	6.7%	-11.3%	5.9%	5.1%
Return on invested capital	-3.8%	-13.7%	6.6%	1.5%	3.8%	-1.3%	3.8%	5.5%
Return on assets	2.1%	-27.3%	0.9%	3.0%	3.1%	-4.6%	2.6%	2.3%
Free cash flow yield	-11.5%	-22.4%	11.8%	6.3%	25.9%	5.8%	15.9%	24.4%
Earnings yield	8.7%	-131.9%	6.1%	16.9%	12.0%	-19.6%	8.5%	8.2%
Enterprise value	€89M	€132.5M	€99.8M	€105.9M	€136M	€177.9M	€202.5M	€174.8M
Net debt / EBITDA	0.88×	-1.22×	0.84×	0.8×	0.5×	-412.6×	1.36×	1.04×
Cash conversion cycle (days)	76	-460	56	-161	-37	-21	-38	-35