Société Centrale des Bois et des Scieries de la Manche S.A. (CBSM.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

+492.4%

€54.50

vs €9.20 price

Levered DCF

€27.74

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.52

Distress zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
P/E	9.52×	354.17×	13.13×	3.24×	7.09×	3.85×	5.12×	9.24×
P/B	0.47×	0.46×	0.49×	0.47×	0.57×	0.49×	0.61×	0.73×
P/S	5.43×	5.38×	6.14×	5.85×	6.45×	5.09×	6.13×	5.59×
EV / EBITDA	17.99×	31.51×	19.73×	22.11×	22.07×	21.16×	8.58×	22.18×
Gross margin	83.3%	100.0%	81.8%	82.3%	77.9%	77.4%	72.0%	74.1%
Operating margin	95.4%	36.4%	59.3%	168.7%	70.4%	68.4%	62.1%	66.5%
Net margin	56.9%	1.5%	46.6%	180.2%	91.0%	132.2%	119.5%	60.5%
Current ratio	1.92×	3.07×	2.06×	1.72×	1.99×	0.49×	0.72×	0.88×
Debt / equity	0.86×	0.79×	0.84×	1.02×	0.96×	0.98×	1.3×	1.35×
Interest coverage	2.62×	0.9×	1.69×	5.91×	2.17×	2.43×	1.56×	1.61×
Dividend yield	1.9%	0.0%	1.6%	0.0%	0.0%	0.0%	1.3%	1.2%
Payout ratio	17.9%	0.0%	20.7%	0.0%	0.0%	0.0%	6.4%	11.0%

Key metrics by fiscal year

Metric	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
Return on equity	4.9%	0.1%	3.7%	14.3%	8.0%	12.6%	11.9%	8.0%
Return on invested capital	4.4%	1.7%	2.5%	6.7%	3.1%	3.3%	2.2%	3.0%
Return on assets	2.6%	0.1%	1.9%	6.9%	3.9%	6.0%	4.8%	3.2%
Free cash flow yield	13.6%	9.1%	7.3%	5.0%	8.2%	2.4%	6.1%	3.6%
Earnings yield	10.5%	0.3%	7.6%	30.8%	14.1%	26.0%	19.5%	10.8%
Enterprise value	€320.8M	€284.4M	€295.4M	€310.5M	€276.1M	€258.8M	€265M	€266.9M
Net debt / EBITDA	11.12×	18.62×	11.5×	14.29×	13.01×	13.88×	5.45×	13.78×
Cash conversion cycle (days)	-32	-65	8	-14	-3	-128	-187	-142