Aeroports de Paris S.A. (ADP.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

+78.5%

€204.23

vs €114.40 price

Levered DCF

€31.96

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.14

Distress zone

Rating

Overall 3 / 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	28.86×	32.38×	18.31×	23.98×	-45.14×	-8.98×	29.65×	26.87×
P/B	2.53×	2.5×	2.65×	3.08×	3.19×	2.87×	3.46×	3.38×
P/S	1.64×	1.79×	2.1×	2.64×	4.04×	4.91×	3.71×	4.09×
EV / EBITDA	9.04×	9.61×	8.98×	10.71×	21.76×	-28.99×	12.63×	12.76×
Gross margin	50.1%	64.6%	43.7%	36.0%	18.7%	4.5%	38.9%	69.9%
Operating margin	19.7%	16.1%	22.6%	20.3%	-2.9%	-23.5%	20.2%	25.9%
Net margin	5.7%	5.6%	11.5%	11.0%	-8.9%	-54.7%	12.5%	15.2%
Current ratio	0.89×	0.95×	0.97×	1.29×	1.26×	1.44×	1.11×	1.22×
Debt / equity	2.3×	2.42×	2.25×	2.45×	2.89×	2.96×	1.45×	1.45×
Interest coverage	1.99×	2.92×	3.72×	2.82×	-0.22×	-1.65×	3.62×	4.57×
Dividend yield	2.7%	3.4%	2.7%	0.0%	0.0%	0.0%	2.1%	2.1%
Payout ratio	77.7%	110.2%	49.0%	0.0%	0.0%	0.0%	62.2%	56.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.8%	7.7%	14.5%	12.8%	-7.1%	-32.0%	11.7%	12.6%
Return on invested capital	3.9%	3.4%	5.7%	4.4%	-0.5%	-2.5%	3.9%	5.0%
Return on assets	1.9%	1.7%	3.2%	2.7%	-1.4%	-6.3%	3.5%	3.8%
Free cash flow yield	2.3%	3.9%	5.0%	5.2%	0.2%	-7.0%	2.0%	2.9%
Earnings yield	3.5%	3.1%	5.5%	4.2%	-2.2%	-11.1%	3.4%	3.7%
Enterprise value	€19.1B	€19.7B	€19.1B	€19.6B	€19B	€17.8B	€22.8B	€21.4B
Net debt / EBITDA	3.83×	4.24×	3.56×	3.94×	8.92×	-11.92×	2.96×	2.97×
Cash conversion cycle (days)	-9	-41	-19	10	67	79	1	-85