Herige (ALHRG.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

+225.4%

€57.75

vs €17.75 price

Levered DCF

-€27.74

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.82

Grey zone

Rating

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	-8.68×	6.22×	10.22×	4.26×	6.77×	7.54×	11.51×	51.09×
P/B	0.47×	0.45×	0.65×	0.67×	1.05×	0.73×	0.87×	0.73×
P/S	0.18×	0.13×	0.11×	0.12×	0.18×	0.13×	0.14×	0.11×
EV / EBITDA	8.42×	1.33×	5.89×	3.93×	4.77×	3.78×	5.23×	5.51×
Gross margin	-0.0%	-3.0%	40.4%	4.2%	5.7%	4.4%	3.8%	37.2%
Operating margin	-2.2%	-4.3%	2.5%	3.6%	3.2%	2.4%	2.1%	1.3%
Net margin	-2.0%	2.1%	1.1%	2.8%	2.7%	1.8%	1.2%	0.2%
Current ratio	1.86×	1.98×	1.41×	1.43×	1.53×	1.38×	1.39×	1.45×
Debt / equity	0.48×	0.66×	1.23×	1.45×	1.28×	1.68×	1.14×	1.03×
Interest coverage	-5.19×	-5.09×	3.6×	12.74×	12.19×	8.37×	6.63×	3.14×
Dividend yield	0.0%	7.9%	5.4%	5.5%	2.7%	0.0%	2.5%	2.1%
Payout ratio	0.0%	49.4%	55.0%	23.3%	18.3%	0.0%	28.5%	104.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-5.5%	7.3%	6.4%	15.7%	15.6%	9.7%	7.5%	1.4%
Return on invested capital	-3.5%	-7.1%	4.1%	5.5%	5.3%	3.3%	3.4%	2.6%
Return on assets	-2.6%	3.2%	1.9%	4.1%	4.3%	2.4%	2.2%	0.4%
Free cash flow yield	-28.8%	13.9%	-8.2%	1.9%	-16.5%	19.3%	-1.0%	-12.7%
Earnings yield	-11.6%	16.1%	9.8%	23.5%	14.8%	13.2%	8.7%	2.0%
Enterprise value	€96.1M	€78.4M	€252.8M	€239.4M	€210.6M	€131.2M	€153.6M	€129.9M
Net debt / EBITDA	2.57×	0.18×	3.69×	2.4×	1.84×	1.48×	2.3×	2.62×
Cash conversion cycle (days)	74	41	60	61	52	41	32	22