Akwel (AKW.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

+269.0%

€24.57

vs €6.66 price

Levered DCF

€20.10

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.1

Grey zone

Rating

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	13.44×	8.86×	12.06×	42.44×	11.39×	7.16×	8.63×	7.03×
P/B	0.36×	0.35×	0.71×	0.79×	1.02×	1.13×	1.07×	0.95×
P/S	0.23×	0.22×	0.4×	0.47×	0.63×	0.65×	0.49×	0.4×
EV / EBITDA	1.61×	0.98×	3.63×	4.38×	4.3×	3.7×	4.43×	4.35×
Gross margin	56.5%	53.9%	53.9%	51.6%	54.0%	56.5%	8.7%	54.2%
Operating margin	4.7%	3.9%	5.7%	3.7%	7.6%	11.4%	8.4%	7.3%
Net margin	1.7%	2.4%	3.4%	2.5%	5.5%	9.1%	5.7%	5.8%
Current ratio	3.21×	3.43×	2.79×	2.76×	2.87×	2.19×	2.06×	1.85×
Debt / equity	0.02×	0.03×	0.08×	0.09×	0.12×	0.21×	0.28×	0.29×
Interest coverage	23.92×	24.04×	36.12×	21.93×	40.16×	35.96×	31.61×	33.22×
Dividend yield	3.7%	3.7%	1.9%	2.7%	2.1%	0.9%	1.5%	1.9%
Payout ratio	49.2%	32.8%	22.5%	49.4%	23.5%	6.1%	12.8%	13.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.7%	4.0%	5.9%	4.3%	9.0%	15.9%	12.4%	13.5%
Return on invested capital	3.4%	3.3%	6.2%	3.4%	7.7%	12.2%	9.8%	11.3%
Return on assets	2.0%	2.9%	4.0%	2.9%	6.2%	9.6%	7.2%	7.6%
Free cash flow yield	7.7%	22.8%	1.5%	1.8%	9.8%	21.1%	5.2%	-0.8%
Earnings yield	7.4%	11.3%	8.3%	5.4%	8.8%	14.0%	11.6%	14.2%
Enterprise value	€117.3M	€80.6M	€325.8M	€351.5M	€483.3M	€551.6M	€574.7M	€470.2M
Net debt / EBITDA	-1.38×	-1.63×	-1.17×	-1.42×	-0.87×	-0.41×	0.27×	0.38×
Cash conversion cycle (days)	112	98	113	138	144	129	86	75