Keyrus S.A. (ALKEY.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

+71.7%

€13.26

vs €7.72 price

Levered DCF

€16.27

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.31

Distress zone

Rating

C+

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	37.52×	402.06×	30.73×	19.42×	13.24×	-96.67×	-8.11×	8.12×
P/B	2.29×	2.31×	2.43×	1.84×	1.35×	1.13×	0.89×	1.25×
P/S	0.38×	0.34×	0.29×	0.21×	0.18×	0.18×	0.16×	0.26×
EV / EBITDA	7.67×	10.49×	7.91×	5.54×	4.63×	6.3×	10.3×	7.27×
Gross margin	3.2%	6.7%	7.7%	7.9%	7.0%	8.9%	5.6%	6.4%
Operating margin	3.4%	2.3%	3.6%	3.3%	2.9%	2.2%	1.4%	4.7%
Net margin	1.0%	0.1%	0.9%	1.1%	1.4%	-0.2%	-1.9%	3.2%
Current ratio	0.98×	1×	1.01×	1.03×	0.93×	0.96×	0.95×	1.02×
Debt / equity	1.85×	1.91×	2.6×	3×	2.64×	3.3×	2.13×	1.17×
Interest coverage	2.38×	1.28×	1.95×	2.98×	3.62×	2.74×	1.8×	9.16×
Dividend yield	0.0%	0.0%	0.4%	4.3%	0.2%	0.8%	0.6%	0.4%
Payout ratio	0.0%	0.0%	12.1%	82.5%	2.8%	-79.5%	-4.6%	3.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.0%	0.6%	7.9%	9.5%	10.2%	-1.2%	-10.9%	15.3%
Return on invested capital	2.4%	1.5%	4.0%	3.2%	2.9%	0.8%	2.4%	7.4%
Return on assets	1.0%	0.1%	1.0%	1.1%	1.3%	-0.1%	-1.9%	3.6%
Free cash flow yield	-2.4%	11.8%	18.3%	22.9%	17.1%	104.0%	11.4%	-7.9%
Earnings yield	2.6%	0.2%	3.2%	5.2%	7.6%	-1.0%	-12.3%	12.2%
Enterprise value	€180.2M	€173.8M	€169.5M	€132.8M	€106.9M	€118.2M	€122.5M	€111.7M
Net debt / EBITDA	2.34×	3.2×	2.89×	2.45×	2.35×	3.85×	6.52×	2.59×
Cash conversion cycle (days)	82	72	67	68	77	80	78	80