Société Marseillaise du Tunnel Prado Carénage (ALTPC.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

+419.8%

€112.79

vs €21.70 price

Levered DCF

€87.53

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.31

Safe zone

Rating

A-

Overall 4 / 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	15.5×	17.04×	13.61×	12.21×	14.86×	13.56×	9.85×	7.58×
P/B	2.3×	2.2×	2.09×	2.11×	2.17×	1.28×	2.15×	1.88×
P/S	4.13×	4.23×	4.2×	4.52×	4.88×	3.35×	3.35×	2.67×
EV / EBITDA	7.34×	5.34×	5.75×	6.15×	6.74×	5.1×	5.28×	2.45×
Gross margin	42.0%	87.4%	75.4%	53.0%	90.6%	78.0%	79.9%	78.5%
Operating margin	32.3%	36.4%	46.5%	52.7%	48.3%	37.9%	51.8%	52.4%
Net margin	26.7%	24.8%	31.6%	37.0%	32.8%	24.8%	33.9%	35.2%
Current ratio	7.67×	12.5×	7.5×	7.97×	6.38×	9.65×	6.47×	8.84×
Debt / equity	0.54×	0.63×	0.7×	0.8×	0.78×	0.71×	0.84×	0.18×
Interest coverage	37.49×	5.09×	11.07×	22.83×	30.43×	19.49×	17.26×	157.83×
Dividend yield	7.9%	7.6%	7.0%	7.0%	7.0%	0.0%	9.4%	10.9%
Payout ratio	122.1%	129.8%	92.9%	85.5%	104.0%	0.0%	92.4%	82.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.9%	12.9%	15.7%	17.3%	14.6%	9.5%	21.7%	24.9%
Return on invested capital	8.4%	8.3%	9.9%	10.0%	8.6%	6.0%	10.9%	16.9%
Return on assets	8.7%	7.3%	8.6%	9.0%	7.5%	5.2%	10.0%	16.3%
Free cash flow yield	15.7%	13.7%	7.8%	5.0%	8.4%	15.8%	-39.6%	20.7%
Earnings yield	6.5%	5.9%	7.5%	8.2%	6.7%	7.4%	10.1%	13.2%
Enterprise value	€195.9M	€162.7M	€170.2M	€171.1M	€168.7M	€105.6M	€145.5M	€71.4M
Net debt / EBITDA	1.24×	0.06×	0.39×	0.46×	0.4×	0.59×	0.98×	-1.06×
Cash conversion cycle (days)	14	-110	-21	-2	-87	-47	49	-31