Boiron S.A. (BOI.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

+246.0%

€65.73

vs €19.00 price

Levered DCF

€69.53

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.83

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	16.12×	41.23×	19.79×	19.73×	21.93×	27.57×	15.69×	15.15×
P/B	1.35×	1.23×	1.8×	1.58×	1.18×	1.42×	1.26×	1.79×
P/S	1.06×	0.95×	1.43×	1.65×	1.38×	1.41×	1.14×	1.44×
EV / EBITDA	7.3×	9.14×	8.79×	7.15×	5.13×	7.28×	4.46×	4.76×
Gross margin	73.0%	73.6%	72.6%	71.1%	72.0%	76.9%	77.2%	77.7%
Operating margin	7.1%	3.2%	8.6%	10.5%	8.2%	7.4%	13.0%	17.9%
Net margin	6.5%	2.3%	7.3%	8.4%	6.3%	5.1%	7.3%	9.5%
Current ratio	2.22×	2.51×	2.27×	3.12×	2.86×	2.5×	3×	2.54×
Debt / equity	0.08×	0.04×	0.03×	0.04×	0.02×	0.02×	0.03×	0.01×
Interest coverage	20.84×	9.74×	35.51×	36.32×	69.7×	109.73×	171.88×	523.69×
Dividend yield	3.9%	5.0%	28.1%	1.9%	2.7%	2.5%	4.0%	3.3%
Payout ratio	63.8%	206.8%	555.4%	36.9%	58.3%	70.1%	62.5%	49.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.3%	3.0%	9.1%	8.0%	5.4%	5.1%	8.0%	11.8%
Return on invested capital	5.7%	2.8%	6.5%	6.6%	3.9%	4.4%	7.4%	10.6%
Return on assets	5.4%	2.0%	6.1%	5.7%	3.7%	3.4%	5.3%	7.5%
Free cash flow yield	5.6%	7.3%	3.9%	4.7%	2.1%	6.6%	2.2%	5.0%
Earnings yield	6.1%	2.4%	5.1%	5.1%	4.6%	3.6%	6.4%	6.6%
Enterprise value	€483.8M	€415.6M	€647.3M	€652.9M	€404.3M	€501.7M	€442M	€659.6M
Net debt / EBITDA	-0.72×	-1.09×	-0.82×	-2.5×	-2.82×	-3.23×	-1.97×	-1.52×
Cash conversion cycle (days)	235	264	205	184	220	213	160	122