ALR.RO · BVB · Financial statements
Alro: cash-flow calculator
A discounted cash flow model turns assumptions about future free cash flow into a single amount today. Here the assumptions are yours: the page shows what they add up to, and, the other way round, what yearly growth a share price takes for granted.
- Free cash flow
- -136M RON
- FY 2025
- 5-year average
- 8.7M RON
- FY 2021–2025
- Net debt
- -248M RON
- FY 2025
- Last close
- 1.415 RON
- 2026-10-28
A cash-flow model does not fit these figures well
- Free cash flow was negative in 2025. Growing a negative number gives a negative value, so the latest year is no base for this model.
You can still enter your own starting free cash flow below, for example what you expect once heavy investment ends. That is your assumption, not a figure from the reports.
Your assumptions
money in RONGrowth usually slows as a company gets bigger.
For ever, so it is usually kept at or below long-run growth of the economy, often 0–3%.
The yearly return you require: a risk-free rate plus a premium for risk. Higher means later cash counts for less.
From the FY 2025 balance sheet. Negative means more cash than debt.
Not on file: type the number of shares.
Close of 2026-10-28. Bucharest Stock Exchange (bvb.ro), end-of-day close, adjusted for bonus shares and splits.
Enter the number of shares to get a value per share.
What the price implies
Enter the number of shares to get a value per share.
- Your assumption, years 1–55.0%
- Revenue, FY 2020–20259.1%
- Revenue, FY 2022–20254.5%
Sensitivity: value per share
Rows: terminal growth. Columns: discount rate. Other assumptions as entered, values in RON.
| g \ r | 7% | 8% | 9% | 10% | 11% |
|---|---|---|---|---|---|
| 1.0% | — | — | — | — | — |
| 1.5% | — | — | — | — | — |
| 2.0% | — | — | — | — | — |
| 2.5% | — | — | — | — | — |
| 3.0% | — | — | — | — | — |
“—”: terminal growth at or above the discount rate has no finite answer.
No closing prices are on file around the fiscal year-ends, so past multiples cannot be computed.
Where the starting figures come from
Operating cash flow and free cash flow
| FY | Revenue | Op. cash flow | Capex | Free cash flow |
|---|---|---|---|---|
| 2025 | 3.9B RON | 12.1M RON | 148M RON | -136M RON |
| 2024 | 3.4B RON | 423M RON | 134M RON | 289M RON |
| 2023 | 2.8B RON | -53.5M RON | 103M RON | -157M RON |
| 2022 | 3.4B RON | 83.0M RON | 129M RON | -46.4M RON |
| 2021 | 3.5B RON | 241M RON | 148M RON | 93.6M RON |
| 2020 | 2.5B RON | 323M RON | 82.6M RON | 241M RON |
Free cash flow = operating cash flow − capital expenditure. Source: Bucharest Stock Exchange (ESEF), annual reports.
How it works: free cash flow (operating cash flow minus capital expenditure) grows at your stage 1 rate for years 1–5 and your stage 2 rate for years 6–10; after that, a terminal value assumes your terminal growth for ever. Each year is discounted at your rate, net debt (financial debt minus cash, latest balance sheet) is subtracted and the total is divided by diluted shares. The reverse calculation finds, by bisection, the stage 1 growth at which this equals the share price. Operating cash flow is after interest, so subtracting net debt as well is a simplification you can switch off.
The output is arithmetic on your inputs. It is not an EdgeScore estimate of what the shares are worth and not a price target. Figures: Bucharest Stock Exchange (ESEF), annual reports, with the fiscal year shown next to each one.
For information and education only, not investment advice. Data may contain errors.