Axon Partners Group, S.A. (APG.MC) 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

+291.8%

€67.38

vs €17.20 price

Levered DCF

€37.12

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

7.98

Safe zone

Rating

A+

Overall 5 / 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
P/E	12.3×	18.99×	23.12×	20.7×	29.21×	59.35×	60.32×
P/B	2.85×	4.1×	4.66×	5.64×	6.77×	9.52×	8.49×
P/S	2.96×	4.44×	4.78×	5.37×	7.22×	10.37×	10.28×
EV / EBITDA	8.08×	12.33×	14.79×	15×	23.44×	43.71×	58.61×
Gross margin	32.9%	101.3%	101.4%	101.8%	101.8%	105.1%	65.9%
Operating margin	32.8%	28.7%	28.4%	28.6%	26.1%	19.0%	13.9%
Net margin	24.1%	23.5%	20.8%	25.9%	24.7%	17.4%	17.0%
Current ratio	2.28×	2.81×	2.71×	4.63×	2.27×	2.15×	2.44×
Debt / equity	0.08×	0×	0.02×	0.03×	0.16×	0.22×	0.17×
Interest coverage	100.78×	282.81×	130.29×	104.08×	59.98×	30.21×	0×
Dividend yield	4.9%	3.1%	3.4%	3.2%	1.7%	3.6%	3.4%
Payout ratio	60.5%	58.2%	78.1%	65.4%	50.9%	212.6%	205.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	23.2%	21.7%	20.3%	27.2%	23.2%	16.0%	14.1%
Return on invested capital	19.7%	17.0%	16.0%	18.2%	11.1%	5.8%	4.0%
Return on assets	16.5%	15.8%	13.7%	18.9%	13.4%	9.1%	8.1%
Free cash flow yield	1.9%	7.4%	4.7%	1.9%	2.4%	3.6%	0.1%
Earnings yield	8.1%	5.3%	4.4%	4.8%	3.4%	1.7%	1.7%
Enterprise value	€72.7M	€90.7M	€87.4M	€85.9M	€93.6M	€96.5M	€95.3M
Net debt / EBITDA	-0.6×	-1.31×	-1.29×	-1.59×	-1.01×	-0.54×	-1.46×
Cash conversion cycle (days)	128	72	114	1,595	2,515	782	66