AdUX S.A. (ALDUX.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

+2070.5%

€20.92

vs €0.96 price

Levered DCF

€6.55

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.88

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	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	5.83×	2.44×	4.53×	2.51×	43.01×	-11.64×	-27.17×	-0.28×
P/B	2.75×	3.72×	-8.08×	-2.92×	-1.96×	-1.77×	0×	0×
P/S	0.51×	0.37×	0.46×	0.43×	0.43×	0.55×	0.41×	0.22×
EV / EBITDA	4.41×	2.95×	3.67×	3.71×	6.15×	-17.3×	6.52×	0×
Gross margin	40.6%	42.5%	32.5%	44.1%	27.8%	45.2%	48.1%	47.6%
Operating margin	10.7%	12.5%	11.1%	18.0%	2.7%	-3.3%	0.6%	-70.1%
Net margin	8.8%	15.2%	10.2%	17.3%	1.0%	-4.7%	-1.6%	-81.5%
Current ratio	1.01×	0.94×	0.88×	0.81×	0.76×	0.73×	0×	0×
Debt / equity	1.64×	2.22×	-2.33×	-0.48×	-0.57×	-0.7×	0×	0×
Interest coverage	5.43×	9.14×	14.03×	49.38×	11.41×	-9.09×	2.79×	-400.28×
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	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	46.7%	153.2%	-178.7%	-116.6%	-4.5%	15.2%	0.0%	0.0%
Return on invested capital	20.0%	38.1%	118.2%	-364.8%	-26.3%	56.4%	2.7%	0.0%
Return on assets	5.5%	9.1%	6.6%	14.0%	0.9%	-3.3%	0.0%	0.0%
Free cash flow yield	10.3%	10.0%	9.2%	12.5%	10.8%	-10.0%	-37.7%	0.0%
Earnings yield	17.0%	41.2%	22.1%	40.0%	2.3%	-8.6%	-3.9%	-362.8%
Enterprise value	€17.9M	€12.5M	€11.3M	€9.9M	€11.3M	€12.3M	€8.5M	€0
Net debt / EBITDA	1.28×	0.81×	0.35×	-0.12×	0.59×	-3.35×	-1.34×	0×
Cash conversion cycle (days)	-92	-262	-203	-342	-181	-496	-367	0