Danone S.A. (BN.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

+79.3%

€119.54

vs €66.68 price

Levered DCF

€130.73

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.12

Grey 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	27.13×	20.74×	43.15×	33.26×	18.57×	17.98×	25.05×	16.94×
P/B	2.92×	2.35×	2.33×	1.76×	2.04×	2.15×	2.78×	2.42×
P/S	1.81×	1.53×	1.36×	1.14×	1.45×	1.48×	1.89×	1.6×
EV / EBITDA	14.24×	11.67×	9.97×	8.5×	11.05×	10.53×	12.21×	12.39×
Gross margin	50.6%	49.7%	47.4%	46.1%	47.4%	48.1%	49.1%	48.4%
Operating margin	10.8%	12.3%	7.4%	7.7%	9.3%	11.8%	12.8%	11.1%
Net margin	6.7%	7.4%	3.2%	3.5%	7.9%	8.3%	7.6%	9.5%
Current ratio	0.9×	0.93×	0.93×	1×	1.09×	1.03×	0.9×	1.04×
Debt / equity	0.89×	0.8×	0.96×	0.79×	0.94×	0.99×	0.98×	1.06×
Interest coverage	5.9×	4.1×	2.69×	4.15×	5.03×	5.44×	5.51×	6.97×
Dividend yield	2.8%	3.2%	3.4%	3.9%	3.6%	3.9%	2.6%	1.1%
Payout ratio	75.6%	66.7%	145.2%	129.1%	65.5%	69.7%	65.1%	18.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.8%	11.4%	5.4%	5.4%	11.1%	12.1%	11.2%	14.4%
Return on invested capital	5.9%	6.5%	3.2%	3.3%	4.6%	5.6%	6.1%	5.7%
Return on assets	4.0%	4.5%	2.0%	2.1%	4.2%	4.6%	4.3%	5.3%
Free cash flow yield	5.5%	6.9%	6.9%	6.6%	6.9%	5.7%	5.2%	5.5%
Earnings yield	3.7%	4.8%	2.3%	3.0%	5.5%	5.6%	4.0%	5.9%
Enterprise value	€62.5B	€54.6B	€50.9B	€44.6B	€50.8B	€50.4B	€64.1B	€56B
Net debt / EBITDA	2.99×	2.72×	2.59×	2.5×	3.38×	3.23×	3.09×	3.64×
Cash conversion cycle (days)	-43	-37	-23	-13	-15	-7	-15	-14