NSC Groupe S.A. (ALNSC.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

+668.4%

€445.67

vs €58.00 price

Levered DCF

€726.66

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.16

Distress zone

Rating

Overall 3 / 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	4.22×	6.45×	8.53×	9.28×	28×	-1.11×	-4.12×	11.29×
P/B	0.78×	0.81×	0.72×	0.64×	0.73×	0.77×	0.77×	0.64×
P/S	0.47×	0.41×	0.33×	0.28×	0.4×	0.65×	0.39×	0.35×
EV / EBITDA	4.93×	4.94×	5.59×	4.54×	10.31×	-3.11×	73.45×	3.28×
Gross margin	55.7%	70.9%	61.7%	0.9%	-4.3%	-37.2%	-6.7%	64.6%
Operating margin	5.3%	6.1%	3.0%	1.1%	-5.0%	-44.2%	-11.0%	5.6%
Net margin	11.2%	5.8%	3.8%	2.8%	1.4%	-58.6%	-9.6%	3.1%
Current ratio	2.33×	1.36×	1.91×	1.75×	2.02×	3.47×	2.16×	2.23×
Debt / equity	0.16×	0.36×	0.56×	0.67×	0.86×	0.92×	0.44×	0.28×
Interest coverage	21.37×	17.12×	3.6×	1.88×	-6.49×	-41.62×	-23.44×	17.54×
Dividend yield	1.5%	0.0%	0.0%	0.0%	0.0%	0.0%	3.1%	3.5%
Payout ratio	6.5%	0.0%	0.0%	0.0%	0.0%	0.0%	-12.9%	39.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	18.6%	11.3%	8.4%	6.3%	2.6%	-69.0%	-18.8%	5.7%
Return on invested capital	5.6%	10.1%	3.8%	1.2%	6.8%	-21.2%	-13.0%	7.3%
Return on assets	10.6%	5.4%	3.7%	2.2%	0.9%	-26.2%	-9.0%	2.9%
Free cash flow yield	11.0%	49.3%	-28.0%	11.4%	14.9%	-27.7%	-23.8%	1.4%
Earnings yield	23.7%	14.0%	11.7%	9.7%	3.6%	-90.0%	-24.3%	8.9%
Enterprise value	€33M	€34.8M	€37.1M	€27.7M	€31.9M	€36.3M	€43.8M	€35.2M
Net debt / EBITDA	-0.15×	0.79×	2.11×	1.43×	4.05×	-1.39×	16.16×	-0.07×
Cash conversion cycle (days)	266	409	171	177	191	273	170	261