Icape Holding S.A. (ALICA.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

-44.5%

€5.44

vs €9.80 price

Levered DCF

€1.32

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.88

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	-128.91×	21.74×	30.95×	23.29×	57.37×	90.58×	532.82×	0×
P/B	5.43×	2.6×	3.35×	4.5×	26.18×	61.05×	160.74×	0×
P/S	0.7×	0.44×	0.59×	0.58×	0.85×	1.11×	1.13×	0×
EV / EBITDA	11.78×	10.54×	9.94×	10.08×	22.86×	25.87×	46.06×	0×
Gross margin	15.3%	35.0%	32.5%	28.3%	23.7%	24.9%	24.0%	0.0%
Operating margin	4.9%	3.6%	4.8%	4.6%	2.7%	2.6%	1.0%	0.0%
Net margin	-0.2%	2.0%	1.9%	2.5%	1.5%	1.2%	0.2%	0.0%
Current ratio	0.9×	1.04×	1.11×	1.03×	1.02×	0.99×	0.98×	0.99×
Debt / equity	2.06×	2.15×	1.9×	1.53×	7.19×	11.36×	26.84×	463.7×
Interest coverage	4.12×	1.57×	2.65×	5.21×	16.29×	10.73×	2.76×	0×
Dividend yield	0.7%	2.0%	1.5%	0.0%	0.2%	0.0%	0.0%	0.0%
Payout ratio	-278.3%	43.3%	47.8%	0.0%	9.1%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-1.4%	12.0%	10.8%	19.2%	46.1%	68.4%	30.1%	0.0%
Return on invested capital	10.7%	6.4%	6.8%	12.4%	8.0%	7.8%	1.6%	0.0%
Return on assets	-0.3%	2.3%	2.2%	3.8%	2.3%	2.2%	0.4%	0.0%
Free cash flow yield	1.5%	6.7%	6.3%	-1.2%	-1.3%	5.3%	2.2%	0.0%
Earnings yield	-0.3%	4.6%	3.2%	4.3%	1.8%	1.1%	0.2%	0.0%
Enterprise value	€176.1M	€120.6M	€131.8M	€143.5M	€151.4M	€141.4M	€147.6M	€11M
Net debt / EBITDA	2.37×	3.5×	2.01×	1.1×	1.84×	0.41×	2.61×	0×
Cash conversion cycle (days)	-22	-9	-4	10	-22	-28	-31	0