Sapmer S.A. (ALMER.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

+20.3%

€5.77

vs €4.80 price

Levered DCF

€5.16

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.05

Distress 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	-1.87×	-25.38×	-0.99×	8.13×	-3.56×	-1.33×	-11.19×	5.59×
P/B	1.39×	0.61×	1.3×	0.88×	0.63×	0.59×	0.7×	0.83×
P/S	0.36×	0.22×	0.22×	0.29×	0.2×	0.29×	0.34×	0.38×
EV / EBITDA	7.87×	8.9×	-4.31×	4.88×	20.95×	-46.33×	9.68×	4.81×
Gross margin	-6.2%	49.1%	45.8%	72.1%	14.6%	69.7%	68.0%	71.3%
Operating margin	-22.6%	-0.4%	-19.0%	8.5%	-0.7%	-19.0%	0.1%	8.8%
Net margin	-19.4%	-0.9%	-21.7%	3.6%	-5.7%	-21.6%	-3.0%	6.7%
Current ratio	1.21×	1.43×	0.8×	0.93×	0.99×	0.76×	0.95×	1.11×
Debt / equity	1.69×	1.21×	2.1×	1.74×	2.37×	2.46×	1.62×	0.81×
Interest coverage	-9.98×	-0.2×	-11.16×	7.67×	-0.59×	-13.13×	0.01×	8.7×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	3.1%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	17.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-74.1%	-2.4%	-131.3%	10.8%	-17.7%	-43.9%	-6.1%	14.8%
Return on invested capital	-20.7%	-0.1%	-25.3%	6.0%	-0.5%	-10.1%	0.1%	8.5%
Return on assets	-18.2%	-0.7%	-21.0%	2.7%	-3.8%	-9.9%	-1.8%	5.5%
Free cash flow yield	-5.8%	-29.6%	37.4%	46.3%	14.8%	-28.6%	31.8%	19.0%
Earnings yield	-53.4%	-3.9%	-101.0%	12.3%	-28.0%	-75.0%	-8.8%	17.9%
Enterprise value	€71.2M	€64M	€76.8M	€135M	€136.8M	€163.5M	€180.5M	€130.2M
Net debt / EBITDA	4.09×	5.69×	-2.6×	3.17×	16.37×	-37.11×	6.68×	2.29×
Cash conversion cycle (days)	80	86	37	56	70	52	10	104