Witbe S.A. (ALWIT.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

-193.5%

-€3.88

vs €4.15 price

Levered DCF

-€2.04

After debt service

Piotroski score

9 / 9

Strong

Altman Z-score

2.92

Grey 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	-8.47×	-9.63×	-11.46×	42.17×	13.67×	-14.78×	18.13×	-28.42×
P/B	1.1×	2.11×	2.64×	4.3×	4.79×	11.85×	2.08×	4.2×
P/S	0.3×	0.48×	0.75×	1.2×	1.51×	2.9×	0.62×	1.15×
EV / EBITDA	2.06×	10.26×	9.95×	8.13×	6.49×	-75.47×	4.84×	34.31×
Gross margin	25.9%	88.7%	17.1%	74.2%	103.0%	104.4%	100.4%	97.9%
Operating margin	-2.5%	-9.0%	-2.9%	3.5%	9.4%	-13.0%	5.3%	-5.3%
Net margin	-3.5%	-5.1%	-6.6%	2.9%	11.1%	-19.6%	3.5%	-4.0%
Current ratio	1.97×	1.18×	1.05×	1.19×	1.46×	1.04×	0.98×	1.04×
Debt / equity	0.51×	0.73×	0.91×	0.45×	0.71×	1.39×	0.34×	0.95×
Interest coverage	-1.16×	-10.72×	-2.1×	6.06×	62.17×	-33.48×	4.11×	-10.72×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-12.6%	-22.2%	-23.3%	10.4%	35.0%	-80.3%	11.6%	-14.6%
Return on invested capital	-1.2%	-6.8%	-5.1%	6.6%	12.3%	-91.6%	12.3%	-9.0%
Return on assets	-3.5%	-5.5%	-7.0%	3.2%	8.0%	-13.7%	3.1%	-3.6%
Free cash flow yield	14.5%	13.8%	-27.5%	1.0%	-3.1%	-5.6%	2.1%	-9.4%
Earnings yield	-11.5%	-10.5%	-8.8%	2.4%	7.3%	-6.8%	5.6%	-3.5%
Enterprise value	€7.8M	€13.7M	€21.9M	€31.7M	€30.6M	€43.9M	€13.6M	€26.5M
Net debt / EBITDA	0.49×	2.24×	2.04×	0.12×	0.35×	-3.93×	0.63×	6.07×
Cash conversion cycle (days)	96	-13	89	105	320	147	8,734	-931