Bénéteau S.A. (BEN.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

+87.8%

€9.02

vs €4.80 price

Levered DCF

€4.76

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.21

Distress zone

Rating

B-

Overall 2 / 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	-15.98×	7.67×	6.37×	11.13×	15.82×	-9.38×	14.28×	18.59×
P/B	0.94×	0.8×	1.18×	1.62×	1.84×	1.42×	1.09×	1.8×
P/S	0.81×	0.69×	0.69×	0.76×	0.95×	0.57×	0.52×	0.89×
EV / EBITDA	12.9×	5.32×	2.96×	8.36×	6.57×	7.84×	11.22×	14.97×
Gross margin	-0.2%	53.9%	58.2%	54.3%	52.9%	53.9%	53.8%	52.1%
Operating margin	-2.5%	7.3%	14.1%	10.4%	7.9%	-4.1%	5.8%	6.8%
Net margin	-5.1%	9.0%	10.9%	6.8%	6.0%	-6.1%	3.7%	4.8%
Current ratio	1.53×	1.68×	1.29×	1.26×	1.27×	1.25×	1.29×	1.51×
Debt / equity	0.18×	0.46×	0.19×	0.58×	0.38×	0.65×	0.57×	0.16×
Interest coverage	-0.62×	11.87×	0×	43.1×	65.96×	-14.12×	19.69×	28.97×
Dividend yield	16.7%	8.3%	3.4%	2.1%	0.0%	2.4%	3.0%	1.8%
Payout ratio	-268.0%	63.5%	21.5%	23.5%	0.0%	-23.0%	43.2%	33.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-5.9%	10.5%	18.6%	14.6%	11.6%	-15.1%	7.7%	9.7%
Return on invested capital	-1.9%	2.9%	13.1%	9.9%	7.9%	-5.2%	4.7%	7.4%
Return on assets	-3.0%	5.6%	7.9%	6.0%	5.2%	-6.4%	3.5%	5.5%
Free cash flow yield	9.8%	14.5%	-6.8%	-8.6%	14.8%	13.9%	-2.4%	6.3%
Earnings yield	-6.2%	13.1%	15.7%	9.0%	6.3%	-10.6%	7.1%	5.4%
Enterprise value	€524.9M	€667.2M	€778.9M	€1.5B	€1.1B	€808.3M	€832.5M	€977.3M
Net debt / EBITDA	-4.01×	-0.35×	-0.89×	1.92×	-0.5×	0.36×	1.77×	-2.48×
Cash conversion cycle (days)	221	323	289	245	187	177	194	168