ABC arbitrage S.A. (ABCA.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

+33.8%

€7.67

vs €5.73 price

Levered DCF

€8.61

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

13.23

Safe zone

Rating

A+

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	12.86×	10.64×	17.18×	13.16×	14.88×	12.1×	21.61×	17.88×
P/B	1.89×	1.73×	1.82×	2.36×	2.62×	2.74×	2.79×	2.41×
P/S	5.38×	5.53×	7.12×	6.21×	6.51×	6.11×	10.49×	8.76×
EV / EBITDA	11.68×	-315.79×	15.12×	12.09×	10.95×	11.18×	19.7×	17.08×
Gross margin	96.9%	94.4%	47.8%	74.8%	77.7%	74.2%	78.1%	77.9%
Operating margin	41.8%	40.9%	41.4%	47.5%	55.0%	51.3%	48.5%	47.5%
Net margin	42.0%	52.2%	41.4%	47.4%	43.6%	50.8%	49.2%	48.9%
Current ratio	132.9×	449.56×	1.28×	8.48×	8.49×	9.5×	34.26×	26.55×
Debt / equity	0.02×	0.02×	0.03×	0.04×	0.03×	0.01×	0.02×	0×
Interest coverage	594.79×	300.54×	249.56×	448.55×	1,965.11×	1,313.56×	531.51×	0×
Dividend yield	6.3%	6.3%	8.6%	6.2%	6.0%	4.5%	6.4%	6.6%
Payout ratio	80.5%	66.3%	147.9%	81.2%	89.8%	54.7%	136.7%	118.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.8%	16.4%	10.6%	18.0%	17.5%	22.8%	13.1%	13.5%
Return on invested capital	13.5%	11.7%	149.3%	17.5%	17.1%	22.7%	12.8%	13.2%
Return on assets	13.6%	15.1%	9.6%	15.6%	15.1%	20.3%	12.5%	12.9%
Free cash flow yield	0.0%	7.4%	7.0%	6.4%	8.1%	5.8%	6.9%	6.4%
Earnings yield	7.8%	9.4%	5.8%	7.6%	6.7%	8.3%	4.7%	5.6%
Enterprise value	€313.4M	€278.5M	€279.1M	€372.9M	€406.3M	€414.5M	€385.1M	€345.5M
Net debt / EBITDA	-0.28×	6.45×	-0.24×	-0.28×	-0.35×	-0.21×	-0.28×	-0.34×
Cash conversion cycle (days)	-87	31	-2,539	-3,568	-3,291	44	55	-5,792