i2S S.A. (ALI2S.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

-16.5%

€5.05

vs €6.05 price

Levered DCF

€35.75

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.34

Grey 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	17.3×	123.37×	10.94×	2.41×	11.67×	-57.87×	22.5×	143.62×
P/B	0.88×	1.27×	0.82×	0.96×	1.24×	0.9×	1×	0.75×
P/S	0.63×	0.77×	0.55×	0.63×	0.46×	0.42×	0.37×	0.31×
EV / EBITDA	15.55×	8.96×	13.31×	14.17×	8.81×	54.02×	12.47×	-41.68×
Gross margin	3.2%	40.1%	38.4%	56.6%	52.9%	55.5%	52.4%	27.6%
Operating margin	1.8%	4.2%	4.3%	2.3%	4.5%	0.8%	0.5%	-2.3%
Net margin	3.6%	0.6%	5.1%	26.4%	4.0%	-0.7%	0.6%	0.2%
Current ratio	2.39×	2.54×	1.98×	3.32×	2.69×	4.02×	2.67×	3.01×
Debt / equity	0.14×	0.28×	0.37×	0.35×	0.78×	0.93×	0.33×	0.24×
Interest coverage	5.8×	10.33×	6.86×	6.55×	17.4×	2.99×	2.54×	-7.94×
Dividend yield	1.7%	1.6%	2.4%	2.3%	0.0%	0.0%	0.0%	0.0%
Payout ratio	29.7%	203.3%	25.5%	5.5%	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	5.0%	1.0%	7.5%	39.8%	10.6%	-1.6%	1.6%	0.5%
Return on invested capital	2.2%	5.0%	4.6%	2.4%	7.0%	0.8%	1.0%	0.4%
Return on assets	3.4%	0.6%	4.1%	21.5%	4.2%	-0.6%	0.8%	0.3%
Free cash flow yield	17.1%	7.8%	-0.9%	-14.6%	6.0%	9.0%	-3.9%	-12.4%
Earnings yield	5.7%	0.8%	9.2%	41.5%	8.6%	-1.7%	1.6%	0.7%
Enterprise value	€7.3M	€12.2M	€13.2M	€8.6M	€8.4M	€5.9M	€4.7M	€5.2M
Net debt / EBITDA	-7.51×	-1.37×	3.61×	-3.3×	-0.09×	3.34×	-4.08×	-3.94×
Cash conversion cycle (days)	143	208	207	219	95	165	82	87