Moulinvest S.A. (ALMOU.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

+133.0%

€49.62

vs €21.30 price

Levered DCF

€40.73

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.32

Grey zone

Rating

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	17.13×	-317.26×	8.12×	7.56×	8.13×	3.77×	3.71×	6.79×
P/B	0.82×	0.62×	1.12×	2.23×	1.92×	0.4×	0.37×	0.73×
P/S	0.63×	0.47×	0.78×	1.23×	0.95×	0.21×	0.18×	0.34×
EV / EBITDA	4.17×	6.03×	4.35×	4.37×	4.5×	3.31×	4.45×	5.02×
Gross margin	4.9%	23.9%	14.0%	43.2%	39.4%	9.8%	33.9%	32.9%
Operating margin	5.8%	0.0%	13.7%	24.2%	17.4%	8.6%	8.4%	8.1%
Net margin	3.7%	-0.1%	9.8%	16.4%	11.8%	5.8%	5.0%	5.0%
Current ratio	1.8×	1.53×	2×	1.83×	1.65×	1.29×	0.96×	1.22×
Debt / equity	0.34×	0.58×	0.65×	0.7×	0.97×	1.35×	1.46×	1.27×
Interest coverage	5.81×	0.01×	10.67×	26.28×	11.31×	3.49×	3.56×	4.89×
Dividend yield	0.9%	2.3%	3.8%	1.4%	0.0%	0.0%	0.0%	0.0%
Payout ratio	14.8%	-739.3%	30.7%	10.5%	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	4.8%	-0.2%	14.0%	29.6%	23.8%	10.7%	10.0%	10.7%
Return on invested capital	3.8%	0.0%	8.5%	18.1%	12.4%	4.7%	5.6%	7.6%
Return on assets	2.5%	-0.1%	6.6%	13.1%	8.9%	3.4%	3.1%	3.6%
Free cash flow yield	12.2%	15.7%	9.7%	9.9%	9.7%	41.4%	-70.0%	-32.2%
Earnings yield	5.8%	-0.3%	12.5%	13.3%	12.4%	27.0%	27.0%	14.7%
Enterprise value	€71M	€71M	€105.9M	€158.3M	€117M	€49.9M	€52.5M	€52.2M
Net debt / EBITDA	0.67×	2.39×	1.1×	0.48×	1.07×	2.38×	3.45×	3×
Cash conversion cycle (days)	89	80	90	138	92	67	82	80