LightOn (ALTAI.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

-57.4%

€0.55

vs €1.30 price

Levered DCF

-€2.69

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

-2.09

Distress zone

Rating

D+

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022
P/E	-4.37×	-16.25×	18.74×	-525.79×
P/B	7.89×	7.29×	15.93×	94.33×
P/S	18.49×	74.07×	8.76×	37.81×
EV / EBITDA	-4.31×	-16.98×	16.4×	447.16×
Gross margin	-150.3%	-145.3%	79.8%	52.5%
Operating margin	-440.0%	-448.4%	46.2%	-18.7%
Net margin	-424.8%	-426.3%	46.9%	-7.2%
Current ratio	1.15×	8.51×	5.96×	3.19×
Debt / equity	0.02×	0.02×	0.4×	2.47×
Interest coverage	0×	-21.54×	102.14×	-10.48×
Dividend yield	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022
Return on equity	-181.2%	-42.0%	85.2%	-18.0%
Return on invested capital	-180.6%	-34.0%	59.9%	-5.4%
Return on assets	-89.0%	-31.6%	52.1%	-4.4%
Free cash flow yield	-24.8%	-3.4%	5.6%	-0.6%
Earnings yield	-23.0%	-5.8%	5.4%	-0.2%
Enterprise value	€28.3M	€71.8M	€67M	€71.1M
Net debt / EBITDA	0.58×	2.81×	-0.69×	8.16×
Cash conversion cycle (days)	81	32	5	19