Netgem S.A. (ALNTG.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

+67.4%

€1.48

vs €0.88 price

Levered DCF

€0.55

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.15

Safe 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	19.77×	16.61×	61.73×	249.19×	-36.78×	4.08×	-3.85×	132.43×
P/B	1.2×	1.33×	1.34×	1.14×	2.01×	1.21×	1.73×	1.12×
P/S	0.94×	0.98×	0.94×	0.74×	1.7×	0.97×	1.06×	0.64×
EV / EBITDA	4.22×	3.02×	3.48×	3.6×	8.54×	2.48×	-17.1×	16.24×
Gross margin	72.0%	69.8%	61.8%	55.3%	62.1%	52.4%	52.4%	44.3%
Operating margin	5.2%	6.2%	0.9%	-5.6%	-8.9%	14.0%	2.4%	5.2%
Net margin	4.8%	5.9%	1.5%	0.3%	-4.6%	23.7%	-27.6%	0.5%
Current ratio	1.64×	1.36×	1.17×	1.13×	0.96×	0.95×	1.64×	1.55×
Debt / equity	0.07×	0.04×	0.08×	0.12×	0.1×	0.34×	0.1×	0.3×
Interest coverage	16.46×	7×	10.03×	-155.69×	-53.53×	37.08×	1.3×	7.77×
Dividend yield	5.6%	5.1%	4.4%	3.3%	0.0%	0.0%	6.2%	10.3%
Payout ratio	109.0%	85.0%	270.6%	812.0%	0.0%	0.0%	-23.8%	1357.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.2%	8.0%	2.2%	0.5%	-5.5%	29.6%	-45.0%	0.8%
Return on invested capital	5.6%	7.9%	1.2%	-4.3%	-7.7%	12.2%	3.5%	2.1%
Return on assets	4.3%	5.2%	1.3%	0.2%	-3.0%	14.0%	-24.5%	0.4%
Free cash flow yield	5.5%	8.7%	3.5%	2.1%	-0.3%	-13.1%	-0.9%	4.7%
Earnings yield	5.2%	6.0%	1.6%	0.4%	-2.7%	24.4%	-26.0%	0.8%
Enterprise value	€25.6M	€27.2M	€28.8M	€23.5M	€44.2M	€27.6M	€19.8M	€23M
Net debt / EBITDA	-0.67×	-0.67×	-0.56×	-0.51×	-0.77×	-0.16×	6.02×	-2.66×
Cash conversion cycle (days)	-130	-156	-98	-127	-202	-183	-90	-25