Cogra 48 S.A. (ALCOG.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

+367.9%

€29.20

vs €6.24 price

Levered DCF

€14.66

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.07

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

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

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	46.53×	-3.65×	32.78×	9.66×	14.24×	16.73×	14.62×	21.04×
P/B	1.12×	0.81×	0.78×	1.55×	1.96×	1.26×	1.14×	1.15×
P/S	0.56×	0.5×	0.52×	0.77×	1×	0.84×	0.79×	0.74×
EV / EBITDA	4.53×	-13.67×	6.91×	5.08×	8.68×	25.72×	9.36×	7.29×
Gross margin	6.6%	6.2%	20.8%	23.6%	23.7%	25.1%	6.2%	63.0%
Operating margin	5.6%	-13.9%	2.4%	10.8%	9.4%	7.3%	4.5%	5.2%
Net margin	1.2%	-13.7%	1.6%	8.0%	7.0%	5.1%	5.5%	3.5%
Current ratio	2.4×	3.61×	2.54×	2.91×	3.14×	3.31×	3.94×	3.67×
Debt / equity	0.19×	0.28×	0.43×	0.38×	0.55×	0.7×	0.54×	0.26×
Interest coverage	54.95×	-27.43×	4.99×	56.26×	35.4×	32.48×	21.31×	9.82×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	2.3%	-22.2%	2.4%	16.1%	13.7%	7.6%	7.9%	5.5%
Return on invested capital	0.0%	-16.4%	1.9%	11.1%	8.7%	3.3%	2.9%	4.5%
Return on assets	1.6%	-14.8%	1.5%	9.3%	7.5%	3.9%	4.5%	3.7%
Free cash flow yield	0.0%	0.0%	0.0%	14.8%	12.9%	15.8%	12.8%	6.5%
Earnings yield	2.1%	-27.4%	3.1%	10.4%	7.0%	6.0%	6.9%	4.8%
Enterprise value	€23.7M	€20.9M	€29.1M	€43.3M	€47.7M	€32.9M	€22.7M	€18.7M
Net debt / EBITDA	-0.03×	-2.45×	2.11×	0.45×	1.04×	7.37×	1.32×	0.26×
Cash conversion cycle (days)	69	96	194	89	79	115	82	152