HiPay Group S.A. (ALHYP.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

+1018.3%

€44.73

vs €4.00 price

Levered DCF

€0.54

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.23

Distress zone

Rating

Overall 3 / 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	8.34×	4.33×	16.47×	-2.22×	-20.93×	-34.34×	-4.05×	-4.69×
P/B	1.13×	0.84×	1.44×	0.77×	3.06×	1.88×	0.63×	0.93×
P/S	0.66×	0.34×	0.54×	0.29×	1.69×	1.42×	0.67×	1.37×
EV / EBITDA	9.51×	1.84×	6.26×	-25.94×	223.57×	23.78×	-47.89×	-12.87×
Gross margin	23.0%	23.5%	26.9%	48.9%	44.5%	45.1%	50.0%	52.1%
Operating margin	8.1%	9.5%	6.4%	-10.8%	-1.7%	-1.3%	-11.2%	-19.6%
Net margin	7.9%	7.9%	3.3%	-13.2%	-8.1%	-4.1%	-16.5%	-29.2%
Current ratio	1.05×	0.98×	0.91×	0.88×	0.9×	0.95×	0.96×	1.05×
Debt / equity	0.73×	1.04×	0.98×	1.13×	0.72×	0.47×	0.43×	0.18×
Interest coverage	2.76×	3.62×	2.02×	-4.51×	-0.91×	-0.39×	-3.04×	-10.13×
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	13.6%	19.3%	8.9%	-34.7%	-14.5%	-5.5%	-15.6%	-19.8%
Return on invested capital	7.8%	10.1%	7.0%	-11.7%	-1.7%	-1.1%	-7.4%	-11.1%
Return on assets	2.6%	3.0%	1.1%	-4.5%	-2.9%	-1.1%	-4.2%	-7.5%
Free cash flow yield	-0.6%	18.2%	7.9%	-16.5%	2.1%	-6.2%	-14.3%	-28.1%
Earnings yield	12.0%	23.0%	6.2%	-44.9%	-4.8%	-2.9%	-24.7%	-21.3%
Enterprise value	€64.5M	€44.6M	€58M	€41.1M	€110.7M	€77.9M	€37.6M	€44.8M
Net debt / EBITDA	2.29×	0.8×	2.47×	-15×	38.96×	4.02×	-18.23×	-1.51×
Cash conversion cycle (days)	-36	-38	-46	-67	-1,095	-45	50	-811