Atland SAS (ATLD.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

+228.6%

€102.53

vs €31.20 price

Levered DCF

€386.20

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.18

Distress zone

Rating

C-

Overall 1 / 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	21.16×	20.78×	15.04×	19.25×	12.11×	7.5×	4.15×	11.57×
P/B	1.25×	1.32×	1.24×	1.27×	1.4×	1.15×	0.89×	1.43×
P/S	0.99×	0.92×	0.85×	0.96×	1.21×	0.79×	1×	2.89×
EV / EBITDA	12.59×	7.17×	7.76×	8.7×	8.97×	6.53×	5.12×	8.88×
Gross margin	38.8%	33.0%	35.0%	41.5%	39.3%	32.1%	49.1%	95.9%
Operating margin	6.9%	10.7%	11.5%	12.1%	15.7%	15.5%	26.2%	37.6%
Net margin	4.7%	4.4%	5.7%	5.0%	10.0%	10.5%	22.0%	25.0%
Current ratio	1.6×	1.67×	1.77×	1.73×	2.18×	1.71×	1.91×	1.27×
Debt / equity	0.81×	0.94×	1.31×	1.59×	1.74×	1.63×	1.75×	1.13×
Interest coverage	2.07×	1.85×	2.02×	3.04×	3.82×	4.85×	6.77×	5.96×
Dividend yield	5.8%	5.4%	4.9%	4.2%	3.4%	4.2%	3.3%	4.1%
Payout ratio	122.6%	112.3%	74.3%	81.5%	40.6%	31.3%	15.0%	47.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.9%	6.3%	8.2%	6.6%	11.6%	15.4%	19.6%	12.4%
Return on invested capital	4.0%	5.7%	2.9%	3.2%	5.3%	7.2%	6.6%	5.5%
Return on assets	2.1%	2.1%	2.4%	1.7%	3.1%	4.1%	5.1%	4.8%
Free cash flow yield	19.3%	9.5%	-12.3%	12.3%	-22.9%	24.3%	29.1%	15.2%
Earnings yield	4.7%	4.8%	6.6%	5.2%	8.3%	13.3%	22.0%	8.7%
Enterprise value	€210.2M	€214.5M	€275.2M	€274.9M	€305.3M	€233M	€192M	€107.2M
Net debt / EBITDA	2.29×	1.05×	2.81×	3.02×	3.23×	2.4×	2.37×	2.97×
Cash conversion cycle (days)	256	254	272	41	124	-43	-610	-3,357