Caisse Régionale de Crédit Agricole du Morbihan (CMO.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

-28.1%

€68.28

vs €95.00 price

Levered DCF

€11.70

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.09

Distress zone

Rating

B-

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	7.72×	5.43×	6.43×	3.53×	5.37×	8.63×	9.48×	6.74×
P/B	0.22×	0.18×	0.17×	0.16×	0.2×	0.27×	0.33×	0.3×
P/S	0.89×	1.6×	1.61×	0.74×	1.05×	2.21×	2.48×	2.06×
EV / EBITDA	5.91×	93.66×	4.75×	75.47×	76.07×	93.53×	77.48×	68.04×
Gross margin	39.5%	100.0%	100.0%	64.1%	63.5%	157.5%	100.0%	100.0%
Operating margin	13.3%	35.0%	96.7%	25.3%	25.9%	94.7%	37.1%	39.3%
Net margin	11.6%	29.5%	25.1%	20.9%	19.6%	25.6%	26.2%	30.5%
Current ratio	0.01×	0.02×	0.08×	0.08×	0.08×	0.16×	0.67×	0.66×
Debt / equity	0.01×	3.51×	0.01×	4.15×	3.74×	3.87×	3.69×	3.8×
Interest coverage	0.22×	0.19×	0.56×	0.98×	0.99×	2.09×	136.51×	41.15×
Dividend yield	1.1%	2.5%	7.1%	3.8%	2.9%	3.6%	1.8%	1.1%
Payout ratio	8.3%	13.6%	45.3%	13.5%	15.6%	31.2%	17.4%	7.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.9%	3.2%	2.6%	4.4%	3.7%	3.2%	3.5%	4.5%
Return on invested capital	1.6%	1.5%	1.2%	0.6%	0.5%	1.3%	202.2%	262.8%
Return on assets	0.5%	0.5%	0.4%	0.6%	0.5%	0.4%	0.5%	0.7%
Free cash flow yield	7.8%	-18.8%	-133.6%	189.5%	35.0%	-0.8%	30.8%	14.7%
Earnings yield	12.9%	18.4%	15.6%	28.3%	18.6%	11.6%	10.6%	14.8%
Enterprise value	€501.8M	€7.8B	€297.2M	€8B	€7.4B	€6.8B	€6.5B	€6.1B
Net debt / EBITDA	-0.34×	89.17×	-0.56×	72.72×	72.26×	87.33×	71.09×	63.02×
Cash conversion cycle (days)	21	217	-118	-466	-694	445	0	0