Bassac S.A. (BASS.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

+233.7%

€125.46

vs €37.60 price

Levered DCF

€115.91

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.82

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	8.9×	8.46×	12.98×	7.51×	7.21×	7.09×	8.61×	5.64×
P/B	0.96×	0.85×	1.1×	1.03×	1.66×	1.25×	1.5×	1.27×
P/S	0.56×	0.5×	0.65×	0.59×	0.94×	0.72×	0.8×	0.66×
EV / EBITDA	6.64×	6.28×	7.08×	5.37×	5.17×	4.4×	5.29×	4.98×
Gross margin	12.6%	20.9%	23.3%	14.2%	16.2%	16.6%	16.5%	27.2%
Operating margin	10.3%	10.0%	8.9%	9.0%	11.0%	11.5%	11.6%	18.1%
Net margin	6.3%	5.9%	5.0%	7.9%	13.1%	10.1%	9.3%	11.7%
Current ratio	2.09×	1.89×	1.69×	1.97×	2.09×	2.17×	1.86×	1.91×
Debt / equity	0.86×	0.84×	1×	0.97×	0.52×	0.48×	0.62×	0.74×
Interest coverage	6.68×	3.51×	3.63×	6.95×	17.29×	11.92×	7.8×	22.15×
Dividend yield	2.0%	3.5%	3.1%	5.2%	3.5%	5.7%	5.3%	7.2%
Payout ratio	17.8%	29.9%	40.8%	39.2%	25.3%	40.1%	45.6%	40.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.7%	10.0%	8.5%	13.7%	23.0%	17.6%	17.5%	22.4%
Return on invested capital	6.1%	6.0%	4.8%	5.3%	9.6%	9.1%	9.4%	14.6%
Return on assets	3.9%	3.7%	2.9%	4.8%	9.7%	7.9%	7.3%	8.2%
Free cash flow yield	-1.2%	10.5%	8.2%	5.0%	16.2%	20.5%	24.7%	5.3%
Earnings yield	11.2%	11.8%	7.7%	13.3%	13.9%	14.1%	11.6%	17.7%
Enterprise value	€1.2B	€1B	€1.2B	€1.1B	€1.2B	€710.8M	€847.4M	€768M
Net debt / EBITDA	2.04×	1.95×	2.11×	1.64×	0.06×	0.01×	0.57×	1.37×
Cash conversion cycle (days)	324	340	341	294	239	232	281	403