Clariane SE (CLARI.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

+753.2%

€26.50

vs €3.11 price

Levered DCF

€20.15

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.62

Distress zone

Rating

Overall 3 / 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	873.33×	-12.29×	-1.72×	30.1×	18.29×	45.51×	18.74×	14×
P/B	0.39×	0.13×	0.05×	0.19×	0.52×	0.57×	0.84×	0.68×
P/S	0.26×	0.09×	0.04×	0.15×	0.44×	0.48×	0.6×	0.52×
EV / EBITDA	8.32×	7.9×	8.42×	9.04×	9.37×	10.08×	9.78×	10.09×
Gross margin	8.1%	91.7%	31.4%	92.1%	92.5%	92.1%	92.3%	92.1%
Operating margin	5.6%	5.0%	3.3%	6.1%	8.3%	7.0%	9.9%	9.0%
Net margin	0.0%	-1.0%	-2.1%	0.5%	2.2%	1.0%	3.2%	3.7%
Current ratio	0.7×	0.56×	0.8×	0.65×	0.9×	0.72×	0.47×	0.72×
Debt / equity	2.16×	2.16×	2.39×	2.34×	2.36×	2.44×	2.54×	1.28×
Interest coverage	0.95×	0.78×	0.59×	3.15×	1.8×	1.25×	2×	2.53×
Dividend yield	5.0%	10.5%	36.1%	8.7%	2.0%	0.6%	1.1%	1.4%
Payout ratio	4372.3%	-92.1%	-62.4%	262.1%	40.0%	26.0%	21.5%	20.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	0.0%	-1.5%	-2.9%	0.6%	2.6%	1.2%	4.5%	4.8%
Return on invested capital	2.4%	1.5%	1.2%	1.7%	2.4%	1.6%	2.4%	3.2%
Return on assets	0.0%	-0.4%	-0.7%	0.2%	0.6%	0.3%	1.0%	1.6%
Free cash flow yield	41.3%	124.1%	176.2%	17.6%	17.0%	15.2%	20.4%	6.5%
Earnings yield	0.1%	-11.4%	-57.9%	3.3%	5.0%	2.2%	5.3%	7.1%
Enterprise value	€8.4B	€7.9B	€8.1B	€8.2B	€8.8B	€8.4B	€8.3B	€4.4B
Net debt / EBITDA	6.94×	7.42×	8.23×	8.31×	7.43×	7.9×	7.25×	6.18×
Cash conversion cycle (days)	-9	-399	-64	-497	-487	-453	-396	-368