Voyageurs du Monde S.A. (ALVDM.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

+51.9%

€272.69

vs €179.50 price

Levered DCF

€595.94

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.9

Grey zone

Rating

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	15.3×	10.63×	12.51×	10.98×	-909.5×	-25.4×	22.06×	20.1×
P/B	3.2×	4.1×	2.65×	2.45×	2.99×	3.59×	3.99×	4.28×
P/S	0.94×	0.69×	0.8×	0.66×	2×	2.96×	0.92×	0.92×
EV / EBITDA	6.7×	5.68×	6.03×	3.53×	29.11×	-17.63×	9.7×	9.37×
Gross margin	25.8%	14.4%	14.9%	15.3%	6.6%	-0.6%	13.4%	29.7%
Operating margin	8.2%	8.3%	8.3%	9.4%	2.7%	-15.2%	6.0%	6.5%
Net margin	6.2%	6.5%	6.4%	6.0%	-0.2%	-11.7%	4.2%	4.6%
Current ratio	1.27×	1.24×	1.62×	1.7×	2.08×	1.57×	1.26×	1.25×
Debt / equity	0.02×	0.66×	0.43×	1.02×	1.34×	0.59×	0.08×	0.11×
Interest coverage	63.63×	23.86×	31.24×	12.56×	1.68×	-148.82×	248.56×	201.72×
Dividend yield	3.0%	0.0%	2.3%	0.0%	0.0%	0.0%	2.1%	1.7%
Payout ratio	46.1%	0.0%	29.3%	0.0%	0.0%	0.0%	45.7%	34.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	20.9%	38.5%	21.2%	22.3%	-0.3%	-14.2%	18.1%	21.3%
Return on invested capital	19.0%	20.2%	13.6%	13.0%	-2.6%	-8.4%	16.3%	19.1%
Return on assets	7.6%	8.1%	6.8%	5.5%	-0.1%	-4.4%	6.0%	7.0%
Free cash flow yield	6.6%	9.0%	11.5%	15.0%	-6.8%	-2.4%	6.0%	6.3%
Earnings yield	6.5%	9.4%	8.0%	9.1%	-0.1%	-3.9%	4.5%	5.0%
Enterprise value	€521.7M	€438.2M	€385.6M	€185.8M	€206.4M	€234.3M	€324.8M	€319.9M
Net debt / EBITDA	-2.81×	-0.86×	-2.6×	-2.71×	-13.62×	8.51×	-3.65×	-3.14×
Cash conversion cycle (days)	71	73	64	59	130	145	48	37