Assystem S.A. (ASY.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

+105.9%

€69.70

vs €33.85 price

Levered DCF

€74.39

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.05

Grey 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	83.73×	84.91×	7.21×	12.3×	16.23×	-15.77×	17.94×	20.97×
P/B	2.17×	2.35×	1.53×	1.51×	1.55×	1.1×	1.22×	1.06×
P/S	0.95×	1.15×	1.27×	1.22×	1.24×	0.84×	0.97×	0.92×
EV / EBITDA	26.6×	15.88×	5.64×	15.42×	15.52×	10.23×	11.38×	15.41×
Gross margin	13.6%	14.6%	30.5%	17.6%	17.0%	13.5%	16.2%	27.5%
Operating margin	2.6%	3.5%	29.9%	6.1%	6.4%	4.1%	7.7%	5.7%
Net margin	1.1%	1.4%	17.7%	9.9%	7.7%	-5.3%	5.4%	4.4%
Current ratio	1.07×	1.15×	1.17×	1.19×	1.16×	1.05×	1.29×	1.41×
Debt / equity	0.38×	0.42×	0.25×	0.28×	0.35×	0.32×	0.29×	0.16×
Interest coverage	2.87×	3.95×	21.61×	9.09×	8.84×	4.94×	11×	22.91×
Dividend yield	2.3%	26.4%	2.0%	2.4%	2.7%	4.3%	3.5%	3.8%
Payout ratio	191.9%	2236.1%	14.5%	30.1%	43.0%	-68.4%	63.7%	80.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.6%	2.8%	21.3%	12.2%	9.6%	-7.0%	6.8%	5.0%
Return on invested capital	4.0%	4.8%	25.3%	4.6%	4.4%	3.7%	4.7%	4.3%
Return on assets	1.2%	1.3%	12.3%	6.6%	4.7%	-3.5%	3.8%	3.0%
Free cash flow yield	6.1%	4.3%	4.3%	4.8%	1.1%	18.3%	5.3%	10.3%
Earnings yield	1.2%	1.2%	13.9%	8.1%	6.2%	-6.3%	5.6%	4.8%
Enterprise value	€710.3M	€797M	€820.3M	€684.6M	€653.4M	€431.5M	€571.1M	€439.3M
Net debt / EBITDA	3.36×	1.9×	0.58×	1.87×	2.36×	1.48×	1.72×	1.09×
Cash conversion cycle (days)	91	102	94	106	124	114	108	119