Altheora S.A. (ALORA.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

-310.2%

-€0.63

vs €0.30 price

Levered DCF

€1.83

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.6

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	-2.74×	-2.87×	-3.87×	-5.1×	-59.32×	-47.9×	37.94×	3.27×
P/B	0.86×	0.49×	0.64×	0.62×	1.53×	1.47×	1.56×	1.5×
P/S	0.19×	0.14×	0.19×	0.25×	0.42×	0.59×	0.55×	0.21×
EV / EBITDA	34.14×	11.82×	12.41×	21.7×	11.72×	32.88×	22.09×	9.48×
Gross margin	21.9%	60.1%	57.2%	48.3%	54.3%	52.4%	52.4%	55.7%
Operating margin	-6.6%	-2.4%	-2.2%	-4.0%	-0.9%	0.0%	5.9%	5.0%
Net margin	-6.9%	-4.7%	-4.9%	-4.8%	-0.7%	-1.2%	1.8%	6.5%
Current ratio	0.75×	0.9×	1.32×	1.76×	1.38×	1.48×	1.08×	0.41×
Debt / equity	1.49×	1.31×	1.26×	1.31×	1.11×	1.11×	0.57×	2.72×
Interest coverage	-3.57×	-1.27×	-1.13×	-5.65×	-1.7×	0.06×	2.54×	1.72×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	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	-30.6%	-17.0%	-16.5%	-12.0%	-2.6%	-3.1%	5.2%	45.9%
Return on invested capital	-10.2%	-3.2%	-2.9%	-3.7%	-0.3%	0.0%	8.4%	26.8%
Return on assets	-7.9%	-5.3%	-5.3%	-3.7%	-0.6%	-1.0%	2.0%	6.5%
Free cash flow yield	14.9%	-5.0%	1.1%	-40.8%	-27.8%	-15.1%	9.2%	83.0%
Earnings yield	-35.7%	-34.7%	-25.8%	-19.5%	-1.7%	-2.1%	3.3%	30.6%
Enterprise value	€17.2M	€16.7M	€19.4M	€21.4M	€19.7M	€18.3M	€17.7M	€11.9M
Net debt / EBITDA	20.93×	8.28×	7.43×	12.91×	3.64×	5.87×	2.12×	5.6×
Cash conversion cycle (days)	54	95	76	79	54	-190	-162	66