Antin Infrastructure Partners S.A. (ANTIN.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

-27.4%

€5.49

vs €7.56 price

Levered DCF

€9.07

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

9.7

Safe 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	18.23×	14.92×	32.05×	-211.02×	181.58×	57.17×	108.21×	202×
P/B	4.24×	3.95×	4.86×	7.48×	13.45×	139.43×	163.68×	219.2×
P/S	6.91×	6.2×	8.55×	16.54×	33.34×	29.4×	41.89×	67.72×
EV / EBITDA	10.24×	8.9×	16.55×	151.75×	94.32×	40.3×	66.51×	117.92×
Gross margin	77.1%	70.9%	77.3%	24.4%	79.2%	84.6%	80.1%	78.9%
Operating margin	49.4%	54.0%	34.8%	3.5%	28.4%	69.3%	56.6%	48.3%
Net margin	38.0%	41.5%	26.4%	-7.8%	17.9%	51.6%	39.0%	33.7%
Current ratio	38.73×	6.23×	7.22×	7.42×	12.71×	1.99×	1.51×	1.01×
Debt / equity	0.14×	0.15×	0.12×	0.12×	0.08×	1.28×	0.26×	0.48×
Interest coverage	0×	0×	0×	2.42×	17.16×	191.44×	123.15×	99.44×
Dividend yield	6.5%	6.6%	4.4%	1.2%	0.9%	1.6%	0.8%	0.5%
Payout ratio	117.5%	98.8%	141.9%	-259.7%	169.5%	93.5%	82.5%	107.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	23.3%	26.4%	15.0%	-3.5%	7.2%	244.8%	152.5%	109.0%
Return on invested capital	17.5%	21.7%	12.5%	-4.3%	7.3%	101.4%	108.9%	65.5%
Return on assets	18.5%	20.3%	12.1%	-2.8%	6.2%	77.2%	68.3%	52.1%
Free cash flow yield	6.1%	6.1%	5.0%	2.5%	1.1%	1.5%	1.1%	0.4%
Earnings yield	5.5%	6.7%	3.1%	-0.5%	0.5%	1.8%	0.9%	0.5%
Enterprise value	€1.7B	€1.7B	€2.1B	€3.2B	€5.7B	€5.3B	€5.3B	€5.2B
Net debt / EBITDA	-1.79×	-1.67×	-2.95×	-17.39×	-5.96×	0.26×	-0.09×	0.19×
Cash conversion cycle (days)	-42	-37	-67	23	-78	166	-6	17