Winfarm S.A. (ALWF.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

-1280.1%

-€46.97

vs €3.98 price

Levered DCF

€253.80

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.16

Grey 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	-9.43×	-2.01×	-4.17×	50×	43.29×	138.8×	-10.57×	482.88×
P/B	0.52×	0.47×	0.64×	1.3×	2.67×	3.32×	10.32×	5×
P/S	0.05×	0.05×	0.09×	0.23×	0.56×	0.68×	0.6×	0.64×
EV / EBITDA	6.39×	14.99×	17.23×	11.27×	12.76×	0.71×	34.03×	31.06×
Gross margin	11.5%	8.8%	32.8%	31.9%	33.7%	33.5%	33.3%	34.1%
Operating margin	-0.2%	-3.5%	-1.8%	0.9%	2.0%	0.7%	-0.1%	0.8%
Net margin	-0.6%	-2.7%	-2.2%	0.5%	1.3%	0.5%	-5.7%	0.1%
Current ratio	1.11×	1.22×	1.42×	1.45×	1.44×	1.44×	1.13×	1.44×
Debt / equity	1.9×	2.19×	1.99×	1.39×	0.96×	1.19×	2.37×	0.52×
Interest coverage	-0.29×	-3.41×	-3.63×	3.3×	9.57×	5.34×	-0.4×	11.4×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.7%	1.3%	0.2%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	99.6%	-13.9%	93.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-5.4%	-23.3%	-15.2%	2.6%	6.1%	2.4%	-99.5%	1.0%
Return on invested capital	-0.5%	-7.8%	-4.0%	1.5%	2.2%	0.5%	-0.3%	2.6%
Return on assets	-1.2%	-5.0%	-3.6%	0.7%	2.1%	0.8%	-15.4%	0.4%
Free cash flow yield	92.0%	-20.1%	-51.0%	-30.0%	-7.1%	-0.4%	-0.7%	-7.1%
Earnings yield	-10.5%	-49.9%	-24.0%	2.0%	2.3%	0.7%	-9.6%	0.2%
Enterprise value	€33.6M	€40.2M	€45.1M	€53M	€70.2M	€68.4M	€61.9M	€56M
Net debt / EBITDA	4.88×	12.17×	12.35×	4.89×	1.74×	0.01×	5.61×	2.38×
Cash conversion cycle (days)	32	45	56	53	31	33	30	42