2CRSI S.a. (AL2SI.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

-139.9%

-€5.98

vs €14.97 price

Levered DCF

-€0.71

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

17.42

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
P/E	69.71×	-10.94×	-3.18×	-53.55×	-24.14×	-7.97×	26.25×	147.52×
P/B	5.08×	2.02×	1.64×	1.4×	2.44×	0.98×	1.88×	69.98×
P/S	0.67×	0.41×	0.21×	0.31×	0.61×	0.67×	1.47×	3.11×
EV / EBITDA	21.35×	32.91×	-6.62×	15.7×	29.07×	-31.86×	17.54×	50.42×
Gross margin	2.3%	10.6%	23.2%	22.0%	20.6%	22.2%	23.7%	18.2%
Operating margin	0.3%	-0.9%	-4.4%	0.8%	0.3%	-10.8%	5.6%	5.5%
Net margin	1.0%	-3.7%	-6.7%	-0.6%	-2.6%	-8.3%	5.7%	2.1%
Current ratio	1.37×	1.46×	1.09×	1.36×	1.55×	1.73×	2.89×	1.24×
Debt / equity	0.44×	0.39×	2.75×	1.77×	1.81×	1.54×	0.56×	15.87×
Interest coverage	0.69×	-0.51×	-3.36×	0.38×	0.23×	-4.09×	2.91×	3.26×
Dividend yield	0.0%	5.3%	0.4%	0.3%	0.2%	0.4%	0.2%	0.0%
Payout ratio	0.0%	-58.1%	-1.4%	-16.5%	-4.2%	-3.2%	4.7%	0.0%

Key metrics by fiscal year

Metric	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
Return on equity	7.3%	-18.5%	-51.7%	-2.6%	-10.3%	-12.1%	7.3%	47.4%
Return on invested capital	1.0%	-3.0%	-8.3%	0.8%	0.5%	-5.2%	4.6%	3.7%
Return on assets	2.4%	-6.7%	-9.0%	-0.7%	-2.6%	-3.5%	3.7%	1.8%
Free cash flow yield	0.2%	-7.6%	8.5%	13.3%	-6.5%	11.7%	-37.0%	-13.3%
Earnings yield	1.4%	-9.2%	-31.5%	-1.9%	-4.2%	-12.4%	3.9%	0.7%
Enterprise value	€160.1M	€62.6M	€100.8M	€123.8M	€168.9M	€103.6M	€109.9M	€112.7M
Net debt / EBITDA	1.57×	4.9×	-3.99×	8.48×	11.93×	-18.27×	2.21×	7.98×
Cash conversion cycle (days)	55	109	142	148	154	328	275	133