Piscines Desjoyaux S.A. (ALPDX.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

+19.1%

€10.95

vs €9.20 price

Levered DCF

€5.03

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.85

Grey 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	18.96×	10.29×	7.31×	7.76×	10.88×	11.54×	11.38×	25.54×
P/B	0.98×	0.95×	1.01×	1.5×	2.83×	2.1×	1.67×	2.08×
P/S	1.17×	0.97×	0.85×	1.03×	1.72×	1.4×	1.08×	1.4×
EV / EBITDA	6.16×	3.77×	2.89×	3.83×	5.88×	5.49×	5.1×	9.09×
Gross margin	15.5%	51.6%	49.0%	24.7%	29.8%	28.4%	53.8%	50.6%
Operating margin	8.0%	13.0%	15.5%	17.5%	21.8%	18.0%	14.0%	8.8%
Net margin	6.1%	9.5%	11.7%	13.2%	15.9%	12.2%	9.5%	5.4%
Current ratio	3.45×	3.52×	3.47×	3.26×	2.55×	2.18×	2.19×	2.16×
Debt / equity	0.35×	0.3×	0.37×	0.37×	0.28×	0.22×	0.21×	0.28×
Interest coverage	10.86×	31.85×	60.9×	130.14×	161.86×	89.65×	41×	21.37×
Dividend yield	7.9%	8.0%	7.6%	5.5%	1.7%	2.8%	4.1%	3.6%
Payout ratio	149.5%	81.6%	55.5%	43.1%	17.9%	32.7%	46.8%	91.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.2%	9.2%	13.8%	19.3%	26.1%	18.2%	14.7%	8.1%
Return on invested capital	3.8%	6.9%	9.9%	13.7%	19.9%	16.6%	12.5%	7.2%
Return on assets	3.4%	6.3%	8.8%	12.0%	15.9%	11.5%	9.5%	5.2%
Free cash flow yield	-3.2%	-0.8%	7.7%	3.3%	7.9%	8.3%	13.2%	4.1%
Earnings yield	5.3%	9.8%	13.7%	12.9%	9.2%	8.7%	8.8%	3.9%
Enterprise value	€99.6M	€85.2M	€81.7M	€132.9M	€240.6M	€142.1M	€100.7M	€127.8M
Net debt / EBITDA	-0.89×	-1.22×	-1.29×	-0.93×	-0.9×	-0.75×	-0.54×	-0.04×
Cash conversion cycle (days)	106	105	75	70	50	59	81	89