Compagnie d'Entreprises CFE S.A. (CFEB.BR) 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

+44.5%

€15.39

vs €10.65 price

Levered DCF

€63.43

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.39

Distress 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	6.29×	6×	8.37×	1.04×	1.61×	2.56×	1.43×	0.99×
P/B	0.8×	0.58×	0.8×	1.06×	0.12×	0.09×	0.11×	0.1×
P/S	0.2×	0.12×	0.15×	0.2×	0.21×	0.16×	0.05×	0.05×
EV / EBITDA	23.45×	3.74×	4.83×	4.39×	5.11×	17.01×	2.1×	1.59×
Gross margin	-1.0%	28.7%	25.5%	-0.6%	0.1%	-3.1%	1.7%	41.0%
Operating margin	-1.5%	2.7%	2.6%	4.4%	5.2%	3.7%	1.7%	5.6%
Net margin	3.2%	2.0%	1.8%	19.7%	13.3%	6.2%	3.7%	4.7%
Current ratio	1.02×	1.08×	1.06×	1.1×	6.86×	0.88×	0.93×	0.81×
Debt / equity	0.59×	0.87×	1.04×	0.78×	0.13×	0.76×	0.81×	0.6×
Interest coverage	-1.39×	2.08×	2.99×	8.39×	8.57×	5.9×	3.71×	9.19×
Dividend yield	4.7%	6.9%	5.3%	0.0%	2.0%	0.0%	31.8%	35.8%
Payout ratio	29.6%	41.4%	43.8%	0.0%	3.3%	0.0%	45.5%	35.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.7%	9.7%	9.6%	102.1%	7.7%	3.6%	7.6%	10.0%
Return on invested capital	-2.4%	4.0%	4.2%	9.0%	0.5%	0.7%	1.3%	5.8%
Return on assets	3.1%	2.2%	1.9%	21.6%	2.8%	1.2%	2.6%	3.5%
Free cash flow yield	50.6%	51.6%	-10.2%	38.6%	182.0%	245.3%	-9.2%	-135.0%
Earnings yield	15.9%	16.6%	12.0%	95.9%	62.2%	39.0%	69.8%	101.1%
Enterprise value	€167.5M	€186.7M	€283M	€288M	€354M	€765.5M	€989.2M	€817.9M
Net debt / EBITDA	-6.13×	0.85×	1.59×	0.75×	1.63×	13.36×	1.69×	1.26×
Cash conversion cycle (days)	53	37	51	77	53	-34	-8	-91