Watera (ALWTR.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

-226.2%

-€1.19

vs €0.94 price

Levered DCF

-€2.65

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

2.93

Grey zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
P/E	-5.03×	-1.15×	-13.55×	-122.15×	-178.8×
P/B	1.4×	6×	5.53×	49.6×	30.93×
P/S	5.87×	3.89×	13.93×	8.75×	19.99×
EV / EBITDA	-5.32×	-1.87×	-25.13×	263.31×	-115.96×
Gross margin	-67.8%	49.6%	-50.3%	26.9%	5.4%
Operating margin	-133.9%	-327.9%	-96.5%	-13.5%	-45.1%
Net margin	-119.8%	-337.7%	-102.3%	-7.2%	-11.2%
Current ratio	1.64×	1.58×	4.3×	3.17×	1.79×
Debt / equity	0.13×	1.45×	0.32×	3.76×	2.04×
Interest coverage	-49.83×	-170.79×	-4.57×	-12.01×	-14.8×
Dividend yield	0.0%	0.0%	0.0%	0.5%	0.8%
Payout ratio	0.0%	0.0%	0.0%	-59.7%	-147.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	-28.6%	-521.2%	-40.6%	-40.6%	-17.3%
Return on invested capital	-26.6%	-186.1%	-27.2%	-13.9%	-17.4%
Return on assets	-21.5%	-127.0%	-25.1%	-6.3%	-3.3%
Free cash flow yield	-16.0%	-68.2%	-6.2%	-1.5%	-3.4%
Earnings yield	-20.4%	-86.9%	-7.3%	-0.8%	-0.6%
Enterprise value	€11.3M	€8.7M	€43.1M	€42.9M	€42.1M
Net debt / EBITDA	-0.31×	-0.31×	-0.76×	16.36×	-5.11×
Cash conversion cycle (days)	182	303	227	146	495