Amundi S.A. (AMUN.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

+43.7%

€132.22

vs €92.00 price

Levered DCF

€110.07

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.25

Distress zone

Rating

B+

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	8.63×	10.08×	10.81×	10.04×	10.75×	14.84×	14.72×	10.89×
P/B	1.09×	1.1×	1.11×	0.98×	1.38×	1.39×	1.58×	1.09×
P/S	1.95×	1.98×	2.1×	1.8×	2.48×	2.89×	2.89×	1.92×
EV / EBITDA	6.01×	7.79×	8.87×	14.86×	15.04×	14.82×	17.58×	13.54×
Gross margin	51.4%	53.8%	53.8%	52.0%	53.8%	55.1%	54.7%	52.2%
Operating margin	28.3%	26.0%	25.4%	24.1%	27.9%	26.4%	26.4%	24.8%
Net margin	22.6%	19.6%	19.4%	18.0%	23.1%	19.5%	19.7%	17.6%
Current ratio	1.22×	0.26×	0.82×	2.6×	0.53×	0.69×	4.41×	2.29×
Debt / equity	0.16×	0.2×	0.19×	1.11×	1.14×	0.57×	1.1×	0.84×
Interest coverage	12.78×	9.95×	14.57×	26.3×	32.35×	24.43×	42.91×	55.24×
Dividend yield	6.3%	6.4%	6.6%	7.7%	4.0%	0.0%	4.1%	5.7%
Payout ratio	54.4%	64.0%	71.3%	77.4%	42.8%	0.0%	60.4%	62.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.6%	10.9%	10.2%	9.7%	12.8%	9.4%	10.8%	10.0%
Return on invested capital	4.6%	8.6%	4.0%	4.1%	5.9%	3.8%	2.8%	5.5%
Return on assets	4.1%	3.4%	3.2%	3.8%	4.8%	3.1%	4.0%	4.1%
Free cash flow yield	12.6%	11.6%	11.8%	-2.2%	13.0%	8.9%	6.6%	6.2%
Earnings yield	11.6%	9.9%	9.3%	10.0%	9.3%	6.7%	6.8%	9.2%
Enterprise value	€13.9B	€14.1B	€14.2B	€22.5B	€25.9B	€19B	€23.9B	€16.5B
Net debt / EBITDA	0.05×	0.54×	1.02×	7.75×	6.5×	4.31×	7.19×	5.9×
Cash conversion cycle (days)	-145	-197	-102	-408	-593	-204	-116	71