Cegedim (ALCGM.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

-407.5%

-€29.98

vs €9.75 price

Levered DCF

€79.75

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.16

Distress zone

Rating

—

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	-11.92×	-32.89×	14.56×	12.63×	32.69×	152.63×	48.17×	44.75×
P/B	0.66×	0.88×	0.7×	1.43×	1.7×	2×	1.38×	2.54×
P/S	0.27×	0.39×	0.36×	0.63×	0.71×	0.8×	0.59×	1.09×
EV / EBITDA	4.44×	5.04×	4.51×	5.62×	9.79×	8.31×	6.71×	9.8×
Gross margin	95.5%	41.5%	95.2%	94.9%	94.9%	94.3%	93.7%	92.6%
Operating margin	1.7%	3.2%	4.8%	8.3%	4.4%	9.6%	3.1%	4.1%
Net margin	-2.2%	-1.2%	2.5%	5.0%	2.2%	0.5%	1.2%	2.4%
Current ratio	0.99×	1.02×	1.05×	0.88×	0.92×	0.92×	0.98×	1.29×
Debt / equity	1.23×	1.03×	1×	1.19×	1.28×	1.37×	0.95×	1.29×
Interest coverage	0.62×	1.7×	2.96×	5.23×	2.55×	5.5×	2.05×	2.08×
Dividend yield	0.0%	0.0%	3.4%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	50.1%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
Return on equity	-5.6%	-2.7%	4.8%	11.3%	5.2%	1.3%	2.9%	5.6%
Return on invested capital	1.7%	-3.7%	3.1%	6.5%	3.6%	3.3%	1.8%	2.3%
Return on assets	-1.5%	-0.8%	1.5%	3.3%	1.2%	0.3%	0.9%	1.5%
Free cash flow yield	6.8%	9.3%	5.2%	13.7%	10.2%	-8.2%	23.5%	2.6%
Earnings yield	-8.4%	-3.1%	6.9%	7.9%	3.1%	0.7%	2.1%	2.2%
Enterprise value	€450.9M	€480.2M	€427.9M	€582.1M	€594.2M	€648.3M	€382.9M	€736.7M
Net debt / EBITDA	2.72×	2.5×	2.41×	2.43×	3.98×	3.16×	1.89×	3.14×
Cash conversion cycle (days)	-662	82	-577	-503	-323	-592	-385	-317