Aramis Group SAS (ARAMI.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

+650.4%

€27.46

vs €3.66 price

Levered DCF

€58.76

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

4.82

Safe zone

Rating

B-

Overall 2 / 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	24.21×	102.47×	-10.77×	-5.87×	-92.95×	-549.64×	261.52×	-360.89×
P/B	2.34×	2.7×	1.92×	1.68×	5.36×	43.72×	43.54×	44.35×
P/S	0.2×	0.23×	0.18×	0.2×	1.16×	1.72×	2.54×	2.9×
EV / EBITDA	9.68×	15.77×	44.71×	-16.31×	206.07×	85.64×	76.21×	331.44×
Gross margin	1.9%	9.2%	7.6%	14.7%	17.7%	17.4%	17.0%	15.9%
Operating margin	1.2%	0.5%	-1.1%	-2.8%	-0.8%	0.9%	1.8%	-0.5%
Net margin	0.8%	0.2%	-1.7%	-3.4%	-1.2%	-0.1%	1.0%	-0.8%
Current ratio	1.33×	1.35×	1.3×	1.56×	2.08×	1.33×	1.23×	1.23×
Debt / equity	0.77×	1.13×	1.28×	0.79×	0.3×	1.71×	1.32×	1.76×
Interest coverage	3.46×	1.17×	-2.12×	-8.42×	-3.03×	3.02×	5.87×	-2.04×
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	9.7%	2.6%	-17.9%	-28.6%	-5.7%	-2.6%	16.7%	-12.3%
Return on invested capital	6.5%	2.8%	-4.5%	-12.4%	-2.6%	-4.2%	6.4%	-1.9%
Return on assets	3.4%	0.8%	-5.3%	-11.6%	-3.1%	-0.5%	3.2%	-2.0%
Free cash flow yield	14.0%	7.8%	5.7%	-26.7%	-3.1%	2.1%	-0.2%	0.2%
Earnings yield	4.1%	1.0%	-9.3%	-17.0%	-1.1%	-0.1%	0.4%	-0.3%
Enterprise value	€593.1M	€692.3M	€530.5M	€463.5M	€1.4B	€1.9B	€1.9B	€1.6B
Net debt / EBITDA	1.83×	4.06×	15.38×	-3.84×	-3.53×	1.51×	1.77×	7.81×
Cash conversion cycle (days)	26	34	36	40	52	27	47	47