Aubay S.A. (AUB.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

-2.4%

€51.33

vs €52.60 price

Levered DCF

€76.18

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.12

Safe 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	19.03×	15.31×	16.27×	18.12×	24.08×	17.35×	16.73×	13.53×
P/B	2.5×	2.13×	2.08×	2.58×	3.6×	2.24×	2.39×	2.23×
P/S	1.21×	1.07×	1.02×	1.26×	1.76×	1.06×	1.06×	0.92×
EV / EBITDA	11.75×	9.63×	9.64×	10.69×	13.84×	9.22×	9.62×	8.69×
Gross margin	10.0%	11.5%	9.7%	12.8%	11.3%	10.5%	12.7%	11.7%
Operating margin	8.8%	8.5%	7.9%	9.8%	10.1%	9.1%	9.5%	9.9%
Net margin	6.3%	7.0%	6.3%	6.9%	7.3%	6.1%	6.3%	6.8%
Current ratio	1.44×	1.74×	1.72×	1.63×	1.56×	1.43×	1.3×	1.32×
Debt / equity	0.22×	0.08×	0.09×	0.07×	0.08×	0.13×	0.2×	0.12×
Interest coverage	33.24×	52.37×	54.9×	104.78×	95.79×	65.71×	54.97×	86.67×
Dividend yield	2.5%	2.7%	2.9%	2.6%	1.1%	1.7%	2.0%	1.8%
Payout ratio	47.0%	41.4%	47.6%	46.9%	25.7%	30.3%	33.0%	24.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.1%	13.8%	12.8%	14.2%	15.0%	12.9%	14.3%	16.5%
Return on invested capital	10.9%	11.8%	11.1%	13.2%	13.4%	11.2%	11.7%	14.5%
Return on assets	6.7%	8.0%	7.3%	8.0%	8.3%	6.8%	7.1%	8.4%
Free cash flow yield	5.7%	9.2%	7.3%	4.8%	5.4%	10.2%	7.5%	4.1%
Earnings yield	5.3%	6.5%	6.1%	5.5%	4.2%	5.8%	6.0%	7.4%
Enterprise value	€708.5M	€514.5M	€513.6M	€617.1M	€767.7M	€428.1M	€453.6M	€369M
Net debt / EBITDA	-0.29×	-1.19×	-0.57×	-0.5×	-1.07×	-0.54×	0.27×	-0×
Cash conversion cycle (days)	112	89	80	100	95	101	96	97