Passat (ALPAS.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

+206.2%

€14.08

vs €4.60 price

Levered DCF

€22.00

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

4.21

Safe zone

Rating

Overall 5 / 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	7×	16.07×	8.36×	5.61×	31.58×	10.98×	10.91×	21.4×
P/B	0.39×	0.44×	0.46×	0.52×	0.7×	0.75×	0.61×	0.43×
P/S	0.28×	0.29×	0.29×	0.47×	0.59×	0.67×	0.52×	0.37×
EV / EBITDA	2.4×	4.33×	4.01×	1.68×	3.97×	2.79×	2.79×	1.66×
Gross margin	58.0%	4.2%	6.5%	5.0%	6.6%	9.7%	6.5%	32.3%
Operating margin	6.3%	3.6%	4.9%	18.4%	6.8%	9.0%	8.1%	2.4%
Net margin	4.0%	1.8%	3.4%	8.4%	1.9%	6.1%	4.7%	1.7%
Current ratio	3.34×	3.33×	3.75×	3.61×	3.63×	5.28×	5.09×	5.53×
Debt / equity	0.16×	0.21×	0.18×	0.13×	0.02×	0.03×	0.04×	0×
Interest coverage	31.35×	4.15×	9.81×	383.8×	119.35×	121×	95.65×	47.41×
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	5.6%	2.8%	5.5%	9.2%	2.3%	6.8%	5.6%	2.0%
Return on invested capital	6.1%	2.7%	5.0%	15.2%	4.6%	7.0%	6.8%	2.6%
Return on assets	3.8%	1.7%	3.5%	6.1%	1.7%	5.4%	4.3%	1.6%
Free cash flow yield	40.3%	-9.2%	38.8%	-1.5%	-11.4%	7.5%	17.5%	29.7%
Earnings yield	14.4%	6.2%	11.9%	17.8%	3.2%	9.1%	9.2%	4.6%
Enterprise value	€13.8M	€21.1M	€17.2M	€15.6M	€16.4M	€12.1M	€10.5M	€3.3M
Net debt / EBITDA	-0.53×	0.58×	-0.3×	-0.44×	-1.79×	-2.83×	-2.25×	-4.77×
Cash conversion cycle (days)	188	158	107	216	143	108	99	128