NSE S.A. (ALNSE.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

-158.4%

-€21.32

vs €36.50 price

Levered DCF

€113.57

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.2

Distress zone

Rating

A-

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	22.92×	25.35×	19.23×	16.67×	15.12×	9.76×	5.81×	25.43×
P/B	2.49×	2.2×	2.03×	1.41×	1.84×	1.33×	1.32×	1.38×
P/S	1.11×	0.89×	1.03×	0.77×	0.93×	0.55×	0.45×	0.42×
EV / EBITDA	11.76×	9.2×	9.35×	8.32×	7.15×	4.84×	3.21×	6.98×
Gross margin	49.0%	43.5%	55.2%	60.1%	18.3%	19.4%	63.0%	57.4%
Operating margin	8.6%	6.6%	7.4%	5.6%	8.7%	9.9%	12.4%	3.4%
Net margin	4.9%	3.5%	5.4%	4.7%	6.1%	5.6%	7.7%	1.6%
Current ratio	1.8×	1.77×	1.82×	2.55×	2.2×	1.84×	1.88×	1.6×
Debt / equity	0.64×	0.18×	0.17×	0.17×	0.25×	0.33×	0.35×	0.58×
Interest coverage	13.2×	18.57×	10.47×	11.84×	17.83×	16.62×	5.63×	2.56×
Dividend yield	0.7%	0.9%	0.9%	1.4%	1.0%	1.6%	0.0%	0.0%
Payout ratio	16.7%	21.9%	16.9%	22.9%	15.5%	15.9%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.9%	8.7%	10.6%	8.5%	12.1%	13.5%	22.7%	5.4%
Return on invested capital	8.3%	9.1%	9.2%	6.5%	9.5%	11.2%	17.0%	4.5%
Return on assets	4.2%	4.1%	5.2%	5.2%	6.4%	6.1%	10.0%	2.0%
Free cash flow yield	2.6%	12.3%	3.1%	-5.0%	19.7%	-0.9%	23.9%	5.0%
Earnings yield	4.4%	4.0%	5.2%	6.0%	6.6%	10.2%	17.2%	3.9%
Enterprise value	€137.5M	€90.4M	€80.7M	€50.6M	€58.3M	€44.6M	€39.9M	€38.2M
Net debt / EBITDA	1.31×	-0.13×	0.15×	-0.02×	-0.45×	0.64×	0.48×	1.86×
Cash conversion cycle (days)	197	151	219	231	175	202	233	218