Alten S.A. (ATE.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

+35.8%

€118.71

vs €87.40 price

Levered DCF

€125.13

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.9

Grey zone

Rating

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	23.6×	14.72×	19.79×	8.68×	25.81×	31.84×	22.96×	15.37×
P/B	1.15×	1.24×	2.27×	2.16×	3.77×	2.57×	3.38×	2.51×
P/S	0.62×	0.66×	1.13×	1.05×	1.83×	1.34×	1.44×	1.07×
EV / EBITDA	6×	6.27×	10.83×	5.55×	14.67×	15.2×	12.26×	10.52×
Gross margin	8.3%	18.5%	17.6%	15.4%	15.4%	11.5%	20.5%	21.0%
Operating margin	7.6%	6.7%	7.9%	15.7%	10.2%	5.1%	9.7%	9.6%
Net margin	2.6%	4.5%	5.7%	12.1%	7.1%	4.2%	6.3%	7.0%
Current ratio	1.63×	1.52×	1.68×	1.61×	1.57×	1.6×	1.6×	1.65×
Debt / equity	0.13×	0.17×	0.18×	0.23×	0.19×	0.21×	0.27×	0.11×
Interest coverage	33.39×	20.92×	22.42×	90.5×	70.21×	29.32×	68.99×	129.29×
Dividend yield	2.0%	1.9%	1.1%	1.1%	0.6%	0.0%	0.9%	1.4%
Payout ratio	48.8%	28.0%	22.0%	9.7%	16.3%	0.0%	20.4%	21.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.8%	8.4%	11.4%	24.9%	14.6%	8.1%	14.7%	16.3%
Return on invested capital	6.6%	7.0%	9.5%	18.7%	11.4%	5.5%	13.4%	14.6%
Return on assets	2.9%	5.1%	6.8%	13.6%	7.9%	4.6%	8.0%	9.5%
Free cash flow yield	12.5%	15.1%	4.8%	5.3%	4.0%	9.4%	5.5%	3.4%
Earnings yield	4.2%	6.8%	5.1%	11.5%	3.9%	3.1%	4.4%	6.5%
Enterprise value	€2.5B	€2.8B	€4.7B	€3.8B	€5.3B	€3.1B	€3.9B	€2.4B
Net debt / EBITDA	-0.14×	0.18×	0.1×	-0.26×	-0.1×	-0.12×	0.32×	-0.05×
Cash conversion cycle (days)	100	97	89	101	102	91	104	106