Eo2 Société Anonyme (ALEO2.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

+462.4%

€15.30

vs €2.72 price

Levered DCF

-€2.86

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.37

Distress zone

Rating

B-

Overall 2 / 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	-4.73×	-93×	16.07×	2.99×	18.4×	46.83×	7.04×	9.14×
P/B	0.33×	0.4×	0.56×	0.66×	0.7×	0.82×	0.53×	0.42×
P/S	0.17×	0.27×	0.34×	0.34×	0.38×	0.54×	0.35×	0.25×
EV / EBITDA	7.96×	4.6×	4.69×	1.85×	3.77×	6.06×	2.76×	3.6×
Gross margin	12.7%	37.7%	49.2%	10.3%	16.4%	14.4%	20.2%	28.7%
Operating margin	-3.4%	-5.0%	1.2%	9.7%	2.6%	1.7%	4.5%	2.9%
Net margin	-3.6%	-0.3%	2.1%	11.4%	2.0%	1.1%	4.9%	2.7%
Current ratio	1.92×	1.87×	2.08×	2.63×	2.56×	2.89×	2.78×	2.79×
Debt / equity	0.59×	0.56×	0.63×	0.58×	0.75×	0.88×	0.9×	0.48×
Interest coverage	-2.51×	-4.53×	1.13×	17.83×	2.16×	0.92×	2.9×	2.56×
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	-7.0%	-0.5%	3.5%	22.1%	3.7%	1.7%	7.5%	4.6%
Return on invested capital	-3.3%	-3.4%	0.7%	7.2%	1.7%	0.7%	3.1%	2.3%
Return on assets	-3.3%	-0.2%	1.6%	9.7%	1.6%	0.7%	3.1%	2.3%
Free cash flow yield	14.8%	-11.3%	-59.0%	30.1%	27.6%	3.3%	21.0%	26.7%
Earnings yield	-21.1%	-1.1%	6.2%	33.4%	5.3%	2.1%	14.2%	10.9%
Enterprise value	€13.6M	€15.9M	€17.8M	€17.5M	€11.1M	€16M	€10.4M	€9.6M
Net debt / EBITDA	4.37×	2.26×	1.66×	0.4×	-0.2×	1.01×	0.53×	1.21×
Cash conversion cycle (days)	103	106	88	55	19	68	49	34