PAULIC Meunerie S.A. (ALPAU.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

+960.9%

€12.09

vs €1.14 price

Levered DCF

€3.89

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.03

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	19.21×	-11.42×	-275×	-10.87×	-13.27×	-52.83×	-444.12×	-1,098.18×
P/B	0.67×	0.93×	2.54×	1.55×	2.18×	3.51×	16.64×	16.04×
P/S	0.26×	0.33×	0.86×	0.62×	1.63×	2.93×	2.9×	3.04×
EV / EBITDA	5.65×	14.18×	21.12×	-59.76×	-15.58×	-1,621.1×	73.29×	71.06×
Gross margin	36.6%	28.6%	14.9%	23.3%	29.2%	38.5%	41.9%	41.4%
Operating margin	2.2%	-1.6%	0.1%	-6.9%	-21.6%	-7.9%	1.0%	0.7%
Net margin	1.3%	-2.9%	-0.3%	-5.7%	-12.4%	-5.7%	-0.7%	-0.3%
Current ratio	0.44×	0.69×	0.77×	0.87×	1.73×	1.14×	0.69×	0.5×
Debt / equity	0.81×	0.99×	1×	1.13×	1.02×	0.98×	5.92×	3.62×
Interest coverage	1×	-1.57×	0.18×	-10.8×	-17.24×	-4.58×	0.58×	0.58×
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	3.5%	-8.0%	-0.9%	-14.4%	-16.6%	-6.8%	-3.8%	-1.5%
Return on invested capital	2.7%	-1.7%	0.1%	-5.9%	-9.3%	-3.5%	0.3%	0.2%
Return on assets	1.5%	-3.0%	-0.4%	-5.1%	-6.2%	-2.7%	-0.4%	-0.2%
Free cash flow yield	14.7%	7.7%	5.6%	-14.6%	-16.8%	-7.8%	-10.6%	-7.2%
Earnings yield	5.2%	-8.7%	-0.4%	-9.3%	-7.6%	-1.9%	-0.2%	-0.1%
Enterprise value	€10.4M	€12.7M	€25.6M	€19.4M	€24.2M	€31.8M	€34M	€30.7M
Net debt / EBITDA	3.09×	7.14×	5.64×	-24.16×	-3.75×	-282.17×	19.22×	13.06×
Cash conversion cycle (days)	-0	-16	24	1	-17	57	36	48