TXCOM Group (ALTXC.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

+33.5%

€12.15

vs €9.10 price

Levered DCF

€8.87

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

15.78

Safe 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	-24.19×	9.56×	22.08×	15.34×	7.27×	36.96×	10×	5.97×
P/B	0.89×	0.94×	1.43×	1.11×	1.13×	1.26×	1.23×	0.76×
P/S	1.51×	1.06×	1.48×	0.85×	0.79×	0.79×	0.86×	0.57×
EV / EBITDA	-25.24×	1.55×	5.73×	2.82×	1.44×	6.62×	3.1×	0.82×
Gross margin	34.0%	21.5%	49.9%	49.1%	8.5%	8.9%	16.8%	50.9%
Operating margin	-2.9%	11.1%	11.3%	11.2%	8.6%	7.2%	14.4%	11.9%
Net margin	-6.3%	11.1%	6.7%	5.5%	11.0%	2.2%	8.7%	9.4%
Current ratio	10.19×	6.75×	6.2×	4.75×	6.38×	3.88×	3.57×	6.95×
Debt / equity	0×	0×	0.01×	0.03×	0.15×	0.22×	0.27×	0.25×
Interest coverage	-88.65×	361.27×	402.35×	302.9×	65.68×	26.13×	74.78×	47.85×
Dividend yield	4.7%	0.0%	2.6%	3.9%	1.8%	0.0%	3.8%	3.5%
Payout ratio	-110.8%	0.0%	56.4%	60.2%	13.2%	0.0%	37.6%	21.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-3.7%	9.9%	6.5%	7.3%	15.7%	3.5%	12.3%	12.6%
Return on invested capital	-1.3%	6.1%	6.3%	8.6%	6.4%	4.9%	10.8%	9.7%
Return on assets	-3.3%	8.0%	5.2%	5.6%	9.8%	2.2%	7.4%	8.4%
Free cash flow yield	-11.9%	14.8%	9.6%	-2.9%	17.4%	1.5%	4.8%	34.6%
Earnings yield	-4.2%	10.5%	4.5%	6.5%	13.9%	2.7%	10.0%	16.6%
Enterprise value	€1.2M	€2.2M	€7.6M	€5.1M	€3.5M	€5.7M	€5.7M	€1.5M
Net debt / EBITDA	166.24×	-6.1×	-5.19×	-3.23×	-3.02×	-5.5×	-2.24×	-2.24×
Cash conversion cycle (days)	93	33	118	113	64	62	69	43