Hexaom S.A. (ALHEX.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

+225.9%

€67.79

vs €20.80 price

Levered DCF

€24.60

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.73

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	15.93×	12.82×	4.07×	-3.88×	11.75×	13.71×	13.38×	8.8×
P/B	0.95×	0.79×	0.63×	0.68×	1.11×	1.31×	1.32×	1.2×
P/S	0.37×	0.25×	0.13×	0.12×	0.25×	0.31×	0.3×	0.27×
EV / EBITDA	4.98×	3.23×	1.29×	1.3×	4.76×	6.27×	5.69×	4.13×
Gross margin	21.8%	19.5%	18.0%	17.3%	20.0%	20.4%	20.2%	20.8%
Operating margin	4.0%	2.7%	3.4%	3.1%	3.2%	3.3%	3.2%	4.5%
Net margin	2.3%	1.9%	3.2%	-3.1%	2.2%	2.3%	2.2%	3.1%
Current ratio	1.36×	1.3×	1.23×	1.17×	1.24×	1.21×	1.22×	1.3×
Debt / equity	0.44×	0.36×	0.47×	0.76×	0.61×	0.83×	0.57×	0.36×
Interest coverage	8.53×	7.78×	13.57×	30.02×	21.59×	30.17×	29.81×	51.55×
Dividend yield	1.5%	0.0%	0.0%	7.6%	3.2%	0.0%	4.1%	5.3%
Payout ratio	24.0%	0.0%	0.0%	-29.4%	37.1%	0.0%	54.6%	46.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.9%	6.2%	15.5%	-17.5%	9.5%	9.6%	9.8%	13.6%
Return on invested capital	5.2%	4.6%	10.9%	7.3%	6.2%	5.2%	6.1%	9.9%
Return on assets	2.3%	2.5%	5.1%	-4.5%	2.9%	2.8%	3.1%	5.0%
Free cash flow yield	4.8%	4.6%	26.8%	3.4%	9.9%	5.1%	10.1%	9.8%
Earnings yield	6.2%	7.8%	24.6%	-25.8%	8.5%	7.3%	7.5%	11.3%
Enterprise value	€189.4M	€114M	€74.1M	€111.9M	€224M	€273.3M	€231.6M	€167.3M
Net debt / EBITDA	-0.95×	-1.9×	-1.04×	-0.18×	-0.62×	0×	-0.5×	-1.29×
Cash conversion cycle (days)	78	24	29	49	37	34	23	8