Delta Plus Group (ALDLT.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

+292.2%

€86.67

vs €22.10 price

Levered DCF

€138.61

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.3

Distress 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	13.01×	12.83×	14.6×	15.3×	20.75×	17.31×	13.11×	10.89×
P/B	1.32×	1.51×	2.29×	2.33×	3.45×	3.22×	2.33×	1.79×
P/S	0.93×	1.03×	1.32×	1.23×	1.96×	1.76×	1.33×	0.95×
EV / EBITDA	8.98×	8.67×	10.39×	11.18×	14.23×	12.7×	10.09×	8.58×
Gross margin	19.6%	55.4%	52.8%	51.6%	25.0%	52.3%	25.2%	51.3%
Operating margin	11.2%	12.3%	13.4%	11.7%	13.8%	14.3%	14.3%	13.3%
Net margin	7.0%	7.8%	9.0%	8.0%	9.4%	10.1%	10.1%	8.7%
Current ratio	1.36×	1.52×	1.55×	1.51×	1.63×	1.35×	1.6×	1.56×
Debt / equity	0.76×	0.71×	0.81×	1.07×	0.9×	0.98×	0.73×	0.85×
Interest coverage	6.94×	8.43×	11.07×	12.2×	22.06×	21.2×	16.63×	16.41×
Dividend yield	2.2%	2.4%	1.4%	1.5%	1.1%	1.0%	1.4%	1.9%
Payout ratio	28.7%	31.1%	20.7%	23.3%	22.1%	17.1%	18.8%	21.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.9%	11.4%	15.7%	15.2%	16.6%	18.6%	17.7%	16.4%
Return on invested capital	6.8%	7.8%	10.1%	8.2%	9.7%	10.2%	11.4%	10.2%
Return on assets	4.9%	5.7%	7.3%	6.3%	7.3%	7.9%	8.6%	7.3%
Free cash flow yield	10.8%	7.1%	11.7%	2.6%	3.8%	8.9%	5.1%	5.9%
Earnings yield	7.5%	7.6%	6.8%	6.5%	4.8%	5.8%	7.6%	9.2%
Enterprise value	€533M	€567.6M	€709.7M	€717.9M	€792.9M	€615.6M	€440.7M	€318.9M
Net debt / EBITDA	2.87×	2.4×	2.27×	3.13×	2.15×	2.24×	2.08×	2.45×
Cash conversion cycle (days)	172	216	186	219	188	188	178	205