Claranova SE (ALCLA.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

+225.1%

€1.60

vs €0.49 price

Levered DCF

€1.15

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.41

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
P/E	8.46×	15.42×	6.24×	10×	16.53×	20.83×	24.59×	32.41×
P/B	0.88×	5.1×	2.59×	4.45×	3.14×	3.67×	3.22×	4.09×
P/S	0.4×	0.5×	0.16×	0.23×	0.22×	0.24×	0.22×	0.28×
EV / EBITDA	3.89×	6.07×	2.63×	3.69×	5.83×	4.56×	10.39×	12.62×
Gross margin	28.5%	25.5%	16.0%	16.2%	19.4%	23.2%	22.3%	21.6%
Operating margin	14.7%	5.2%	3.9%	3.6%	2.4%	2.5%	1.9%	1.9%
Net margin	4.7%	3.3%	2.5%	2.3%	1.3%	1.2%	0.9%	0.9%
Current ratio	1.02×	1.23×	1.28×	1.26×	1.3×	1.09×	1.13×	1.17×
Debt / equity	1.2×	0.4×	0.73×	0.29×	2.03×	0.36×	1.82×	1.65×
Interest coverage	2.34×	15.71×	31.32×	24.25×	8.87×	18.54×	21.57×	18.07×
Dividend yield	0.0%	5.3%	6.2%	1.7%	1.8%	1.9%	2.7%	2.3%
Payout ratio	0.0%	81.7%	38.6%	17.1%	29.2%	38.7%	65.8%	74.1%

Key metrics by fiscal year

Metric	FY2025	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
Return on equity	10.4%	33.1%	41.6%	44.5%	19.0%	17.6%	13.1%	12.6%
Return on invested capital	8.1%	18.2%	22.3%	17.1%	7.1%	5.8%	5.3%	5.5%
Return on assets	3.6%	7.3%	8.8%	6.0%	2.6%	2.2%	2.0%	2.0%
Free cash flow yield	22.6%	8.0%	45.0%	7.8%	0.7%	16.9%	1.2%	-1.5%
Earnings yield	11.8%	6.5%	16.0%	10.0%	6.1%	4.8%	4.1%	3.1%
Enterprise value	€81M	€251.5M	€118.6M	€147.7M	€113.3M	€60.1M	€84.9M	€93M
Net debt / EBITDA	2.11×	-0.72×	-0.39×	-0.66×	1.48×	-1.56×	1.94×	1.68×
Cash conversion cycle (days)	-54	12	4	14	13	-17	-3	-117