CM.com N.V. (CMCOM.AS) 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

+116.7%

€13.31

vs €6.14 price

Levered DCF

-€1.16

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.97

Distress zone

Rating

D+

Overall 1 / 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	-37.5×	-8.37×	-8.79×	-7.33×	-45.57×	-68.89×	-64.67×	607.45×
P/B	5.2×	24.21×	12.29×	6.89×	8.75×	8.79×	21.18×	15.83×
P/S	0.55×	0.6×	0.95×	1.16×	3.38×	6.29×	1.26×	1.4×
EV / EBITDA	10.15×	30.36×	-103.51×	-16.18×	-183.06×	-534.77×	33.6×	39.15×
Gross margin	4.8%	30.3%	11.0%	19.0%	19.9%	1.6%	5.9%	29.5%
Operating margin	-1.1%	-5.6%	-9.2%	-15.7%	-8.1%	-6.7%	-1.1%	0.9%
Net margin	-1.5%	-7.2%	-10.8%	-15.8%	-7.4%	-9.2%	-1.9%	0.2%
Current ratio	0.93×	0.93×	0.99×	1.23×	2.2×	1.65×	0.6×	0.57×
Debt / equity	3.22×	16.65×	5.57×	2.5×	1.12×	0.08×	6.38×	2.55×
Interest coverage	-0.34×	-3.06×	-5.53×	-10.21×	-10.49×	-2.8×	-1.3×	1.94×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-13.9%	-289.5%	-139.8%	-94.0%	-19.1%	-12.8%	-32.1%	2.6%
Return on invested capital	-2.4%	-12.4%	-16.8%	-24.4%	-7.6%	-8.6%	-2.7%	1.6%
Return on assets	-1.8%	-8.6%	-12.0%	-15.4%	-6.2%	-7.9%	-2.2%	0.3%
Free cash flow yield	1.5%	9.7%	-9.1%	-7.1%	-1.4%	-3.6%	2.7%	-1.7%
Earnings yield	-2.7%	-12.0%	-11.4%	-13.6%	-2.2%	-1.5%	-1.5%	0.2%
Enterprise value	€196.8M	€241.2M	€318.4M	€364.4M	€782.4M	€846M	€135.6M	€123.8M
Net debt / EBITDA	2.83×	9.5×	-21.42×	-1.61×	4.53×	28.38×	3.55×	1.61×
Cash conversion cycle (days)	29	2	13	33	50	63	-14	-241