Ayvens (AYV.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

-11401.3%

-€1,036.89

vs €9.18 price

Levered DCF

-€1,194.15

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.13

Distress zone

Rating

Overall 3 / 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	9.38×	7.8×	5.47×	4×	5.96×	9.28×	9.87×	7.59×
P/B	0.85×	0.48×	0.42×	0.71×	1.08×	1.11×	1.4×	1.16×
P/S	0.37×	0.21×	0.24×	0.43×	0.5×	0.47×	0.58×	0.47×
EV / EBITDA	3.71×	3.59×	4.53×	4.45×	4.73×	4.79×	5.24×	4.92×
Gross margin	15.0%	12.6%	14.4%	19.4%	13.8%	10.0%	10.9%	11.5%
Operating margin	12.5%	9.9%	11.2%	16.3%	11.8%	7.6%	8.7%	8.9%
Net margin	4.0%	2.7%	4.5%	10.7%	8.4%	5.1%	5.8%	6.3%
Current ratio	0.6×	0.67×	0.66×	0.6×	0.43×	0.39×	0.44×	0.5×
Debt / equity	3.33×	3.61×	3.5×	2.91×	3.87×	4.27×	4.64×	4.63×
Interest coverage	1.66×	1.31×	2.01×	7.61×	9.3×	4.43×	2.84×	3.38×
Dividend yield	6.8%	7.2%	13.3%	8.9%	4.9%	5.5%	4.2%	5.3%
Payout ratio	63.4%	56.1%	71.5%	35.8%	29.1%	50.8%	41.5%	40.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.0%	6.1%	7.7%	17.7%	18.1%	12.0%	14.1%	15.3%
Return on invested capital	3.9%	2.6%	2.7%	4.9%	4.0%	2.7%	3.0%	3.2%
Return on assets	1.4%	0.5%	1.2%	3.9%	3.2%	2.0%	2.2%	2.4%
Free cash flow yield	-73.4%	-205.9%	-72.6%	-96.9%	-72.4%	-55.1%	-75.2%	-102.9%
Earnings yield	10.7%	12.8%	18.6%	25.0%	16.7%	10.8%	10.1%	13.2%
Enterprise value	€43.9B	€40.5B	€38.5B	€24.6B	€23.7B	€22.2B	€24B	€20.9B
Net debt / EBITDA	2.92×	3.12×	4×	3.57×	3.69×	3.79×	4.02×	3.93×
Cash conversion cycle (days)	109	118	132	90	62	39	47	41