Pullup Entertainment S.A. (ALPUL.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

+2134.3%

€141.88

vs €6.35 price

Levered DCF

-€122.23

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.86

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	-8.11×	7.47×	-2.81×	7.52×	18.48×	3.55×	3.61×	5.76×
P/B	0.76×	0.9×	0.46×	0.39×	0.42×	0.69×	0×	1.03×
P/S	0.37×	0.37×	0.3×	0.28×	0.39×	0.28×	0.33×	0.36×
EV / EBITDA	2.84×	1.73×	3.21×	1.12×	1.47×	0.88×	2.41×	2.23×
Gross margin	15.9%	24.6%	15.0%	30.4%	29.4%	29.8%	27.0%	25.4%
Operating margin	-4.2%	9.6%	-9.3%	9.2%	9.2%	14.5%	13.5%	11.2%
Net margin	-4.6%	4.9%	-10.6%	3.8%	2.1%	7.7%	9.1%	6.3%
Current ratio	1.83×	1.3×	1.65×	2.97×	3.68×	1.11×	0×	2.75×
Debt / equity	1.11×	0.89×	1.28×	0.59×	0.49×	0.18×	0×	0.03×
Interest coverage	0×	5.51×	-2.83×	6.35×	7.74×	192.45×	686.11×	327.56×
Dividend yield	7.6%	0.1%	0.8%	0.0%	0.0%	0.0%	5.9%	6.5%
Payout ratio	-61.2%	0.8%	-2.3%	0.0%	0.0%	0.0%	21.2%	37.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-9.4%	12.1%	-16.4%	5.2%	2.2%	19.4%	0.0%	17.9%
Return on invested capital	-3.6%	9.6%	-4.1%	4.6%	2.9%	19.8%	-403.0%	20.4%
Return on assets	-3.2%	4.8%	-5.7%	2.4%	1.2%	11.1%	0.0%	11.2%
Free cash flow yield	6.2%	36.1%	-64.7%	3.1%	-16.0%	-7.5%	0.0%	38.4%
Earnings yield	-12.3%	13.4%	-35.6%	13.3%	5.3%	28.1%	27.8%	17.3%
Enterprise value	€204.8M	€225.1M	€194M	€65.7M	€60.4M	€40.3M	€46.9M	€27.2M
Net debt / EBITDA	1.39×	0.62×	2.28×	0.19×	0.1×	-0.15×	0×	-1.54×
Cash conversion cycle (days)	-58	23	49	46	27	28	30	-26