Caisse Regionale de Credit Agricole Mutuel de Normandie Seine (CCN.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

+1045.0%

€1,328.46

vs €116.02 price

Levered DCF

-€6,402.49

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.02

Distress zone

Rating

C+

Overall 2 / 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	8.77×	6.54×	6.07×	5.03×	5.8×	11.72×	11.15×	8.9×
P/B	0.22×	0.17×	0.16×	0.15×	0.2×	0.28×	0.39×	0.34×
P/S	0.78×	0.5×	1.36×	0.77×	1.5×	1.41×	1.99×	2.29×
EV / EBITDA	111.73×	130.76×	126.12×	110.48×	79.28×	112.65×	84.11×	72.1×
Gross margin	39.8%	34.5%	98.6%	64.5%	100.0%	100.0%	100.0%	100.0%
Operating margin	9.9%	9.1%	30.7%	20.8%	32.6%	16.7%	23.6%	34.3%
Net margin	8.9%	7.7%	22.4%	15.3%	25.9%	12.0%	17.8%	25.7%
Current ratio	0.03×	0×	0.11×	0.03×	0.03×	0.04×	0.05×	7.08×
Debt / equity	3.62×	4.33×	4.97×	5.19×	4.58×	4.87×	4.32×	4.01×
Interest coverage	0.17×	0.14×	0.21×	0.69×	0.98×	0.63×	580.69×	4,716.6×
Dividend yield	1.8%	2.8%	5.3%	0.7%	1.1%	0.3%	0.4%	1.0%
Payout ratio	15.4%	18.6%	31.9%	3.4%	6.1%	3.4%	3.9%	8.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.5%	2.6%	2.7%	3.0%	3.5%	2.4%	3.5%	3.9%
Return on invested capital	0.4%	1.0%	0.5%	0.5%	0.6%	0.4%	0.9%	15.2%
Return on assets	0.4%	0.3%	0.3%	0.3%	0.4%	0.3%	0.5%	0.5%
Free cash flow yield	21.9%	1.0%	-182.2%	-174.0%	91.3%	13.2%	-9.1%	21.3%
Earnings yield	11.4%	15.3%	16.5%	19.9%	17.2%	8.5%	9.0%	11.2%
Enterprise value	€13B	€13.7B	€13.7B	€14.3B	€10.9B	€11B	€10.8B	€9.4B
Net debt / EBITDA	105.28×	125.86×	121.77×	107.31×	75.24×	105.74×	76.63×	66.07×
Cash conversion cycle (days)	0	79	218	148	236	257	0	0