Alan Allman Associates (AAA.PA) 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

+1326.5%

€27.82

vs €1.95 price

Levered DCF

€48.84

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.19

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	-18.76×	-18.52×	85×	40.82×	87.33×	34.64×	-4.5×	-1.49×
P/B	4.5×	4.27×	7.61×	8.07×	15.37×	4.33×	1.73×	1.43×
P/S	0.54×	0.61×	1.35×	1.21×	3.17×	0.45×	0×	0×
EV / EBITDA	11.97×	12.17×	21.6×	17.61×	41.08×	10.13×	14.01×	-6.9×
Gross margin	4.5%	4.8%	16.4%	6.1%	15.8%	6.5%	0.0%	0.0%
Operating margin	4.8%	5.6%	5.8%	6.1%	6.6%	5.4%	0.0%	0.0%
Net margin	-2.8%	-3.3%	1.6%	2.9%	3.6%	1.3%	0.0%	0.0%
Current ratio	0.46×	0.67×	0.78×	0.99×	1.05×	0.97×	0.68×	0.63×
Debt / equity	4.39×	3.54×	3×	3.52×	2.87×	4.52×	1.14×	0.8×
Interest coverage	2.34×	2.34×	2.75×	6.74×	10.56×	7.75×	-27.67×	0.04×
Dividend yield	0.0%	0.9%	0.4%	0.6%	5.3%	3.2%	0.0%	0.0%
Payout ratio	0.0%	-16.7%	36.0%	22.8%	466.3%	110.7%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-23.6%	-23.0%	8.8%	19.5%	17.6%	12.5%	-60.3%	96.5%
Return on invested capital	6.5%	7.9%	4.1%	5.0%	4.8%	3.3%	1.2%	1.5%
Return on assets	-3.0%	-3.5%	1.5%	2.9%	3.1%	1.4%	-26.8%	46.5%
Free cash flow yield	13.1%	7.9%	5.1%	4.6%	2.8%	-3.3%	-4.7%	-540.4%
Earnings yield	-5.2%	-5.4%	1.2%	2.4%	1.1%	2.9%	-34.9%	67.4%
Enterprise value	€343.3M	€404M	€676.6M	€522.4M	€639.4M	€110.9M	€2.9M	€3.1M
Net debt / EBITDA	5.71×	5.32×	5.78×	4.48×	5.01×	4.41×	5.45×	-2.32×
Cash conversion cycle (days)	36	37	51	45	55	30	-6,716	-28,470