Biotechnologies Assets S.A. (BST.MC) 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

-110.4%

-€0.02

vs €0.23 price

Levered DCF

-€0.27

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

-1.34

Distress zone

Rating

C-

Overall 1 / 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	-7.42×	-6.26×	14.51×	-6.41×	-6.94×	-2.53×	-7.85×	-3.98×
P/B	2.31×	2.76×	3.42×	3.1×	4.66×	5.46×	10.37×	3.1×
P/S	4.61×	7.27×	5.85×	4.77×	6.79×	8.63×	1.91×	2.82×
EV / EBITDA	138.37×	-34.69×	5.82×	34.4×	-912.36×	24.61×	54.99×	-9.8×
Gross margin	-16.6%	105.5%	88.5%	100.8%	98.4%	107.8%	62.2%	62.7%
Operating margin	-61.6%	107.7%	67.9%	66.1%	-67.2%	-47.9%	-16.0%	-64.1%
Net margin	-62.0%	-116.0%	40.3%	-74.4%	-97.7%	-340.9%	-24.1%	-71.6%
Current ratio	1.4×	0.81×	1.04×	0.88×	1.24×	0.35×	1.05×	1.04×
Debt / equity	0.28×	0.78×	1.07×	0.92×	0.8×	0.8×	2.53×	2.21×
Interest coverage	-11.17×	14.94×	8.53×	5×	-2.43×	-3.63×	-2.05×	-12.11×
Dividend yield	0.0%	0.0%	0.0%	55.7%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	-357.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-31.0%	-44.1%	23.5%	-48.3%	-67.1%	-215.5%	-130.8%	-78.8%
Return on invested capital	-16.8%	19.9%	12.0%	10.6%	-12.3%	-10.4%	-9.4%	-22.5%
Return on assets	-14.1%	-19.7%	9.5%	-10.5%	-15.2%	-42.6%	-10.9%	-21.1%
Free cash flow yield	-0.1%	-4.3%	-1.2%	-1710.7%	-10.3%	38.6%	-28.3%	-36.9%
Earnings yield	-13.4%	-16.0%	6.9%	-15.6%	-14.4%	-39.5%	-12.6%	-25.4%
Enterprise value	€15.6M	€23.3M	€29.7M	€15.5M	€22.8M	€24.4M	€96.8M	€108.5M
Net debt / EBITDA	11.74×	-7.44×	1.34×	6.72×	-75.89×	2.67×	9.58×	-3.87×
Cash conversion cycle (days)	441	1,019	60	7,235	-1,909	1,115	83	-10