Carmila S.A. (CARM.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

+198.5%

€44.36

vs €14.86 price

Levered DCF

€43.40

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.9

Distress zone

Rating

A+

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	12.88×	7.25×	798.97×	8.78×	10.42×	-8.3×	25.32×	13.36×
P/B	0.7×	0.67×	0.68×	0.55×	0.59×	0.51×	0.77×	0.6×
P/S	4.16×	4.49×	4.58×	4.07×	4.5×	3.75×	6.03×	5.18×
EV / EBITDA	14.9×	11.3×	15.02×	14.41×	18.34×	18.41×	17.84×	708.12×
Gross margin	74.5%	73.1%	75.0%	76.4%	68.2%	63.5%	67.5%	76.1%
Operating margin	59.0%	82.8%	17.5%	63.0%	52.7%	48.8%	61.5%	62.1%
Net margin	32.3%	61.9%	0.6%	46.4%	43.2%	-45.2%	23.9%	38.6%
Current ratio	2.34×	1.22×	1.42×	2.23×	1.06×	1.06×	0.89×	0.9×
Debt / equity	0.8×	0.81×	0.93×	0.74×	0.77×	0.81×	0.69×	0.65×
Interest coverage	2.65×	3.77×	0.99×	3.87×	3.49×	3.15×	4.56×	4.61×
Dividend yield	7.4%	7.5%	7.5%	7.5%	4.7%	4.4%	7.5%	4.6%
Payout ratio	94.9%	54.4%	6000.6%	65.5%	49.2%	-36.6%	189.0%	62.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.5%	9.2%	0.1%	6.3%	5.7%	-6.1%	3.1%	4.5%
Return on invested capital	4.6%	6.4%	0.4%	4.7%	3.8%	3.5%	3.6%	3.2%
Return on assets	2.8%	4.7%	0.0%	3.4%	3.0%	-3.1%	1.7%	2.5%
Free cash flow yield	9.0%	12.9%	11.8%	12.3%	5.7%	7.0%	8.3%	11.0%
Earnings yield	7.8%	13.8%	0.1%	11.4%	9.6%	-12.0%	4.0%	7.5%
Enterprise value	€5B	€4.9B	€4.4B	€4.2B	€4.4B	€4B	€5B	€4.5B
Net debt / EBITDA	7.77×	6.03×	7.45×	7.77×	9.92×	10.78×	8.1×	362.9×
Cash conversion cycle (days)	22	9	61	14	8	100	55	37