Coface S.A. (COFA.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

+455.1%

€84.26

vs €15.18 price

Levered DCF

€110.26

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.48

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	10.54×	8.22×	7.35×	6.39×	8.35×	14.93×	11.31×	10.04×
P/B	1.06×	0.98×	0.86×	0.9×	0.84×	0.62×	0.86×	0.68×
P/S	1.23×	1.3×	1.1×	1.15×	1.46×	1.11×	1.27×	0.99×
EV / EBITDA	11.41×	9.02×	9.48×	9.2×	10.13×	14.78×	12.58×	12.78×
Gross margin	100.0%	88.1%	87.7%	89.2%	79.2%	78.1%	80.7%	79.9%
Operating margin	15.4%	22.2%	20.5%	20.8%	22.7%	11.1%	15.5%	15.1%
Net margin	11.7%	15.8%	15.0%	15.3%	17.5%	7.4%	11.3%	9.9%
Current ratio	3.77×	3.93×	4.11×	3.44×	3.17×	0×	0×	0×
Debt / equity	1.06×	1.09×	1.25×	1.19×	0.88×	0.95×	1.05×	1.07×
Interest coverage	7.13×	8.53×	9.59×	11.07×	13.57×	5.71×	9.45×	10.57×
Dividend yield	8.9%	9.0%	12.9%	12.4%	4.4%	0.0%	7.2%	4.3%
Payout ratio	94.2%	74.4%	94.4%	93.2%	36.6%	0.0%	81.4%	43.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.0%	11.9%	11.7%	11.9%	10.0%	4.1%	7.6%	6.8%
Return on invested capital	3.5%	4.1%	3.8%	4.3%	4.3%	0.0%	0.0%	0.0%
Return on assets	2.7%	3.2%	3.0%	3.2%	3.1%	1.1%	2.0%	1.7%
Free cash flow yield	6.9%	15.2%	15.2%	23.0%	16.6%	13.0%	14.1%	8.5%
Earnings yield	9.5%	12.2%	13.6%	13.3%	12.0%	6.7%	8.8%	10.0%
Enterprise value	€4.2B	€4B	€3.8B	€3.7B	€3.5B	€2.7B	€3.4B	€2.8B
Net debt / EBITDA	5.03×	4.22×	5.1×	4.65×	4.69×	8.12×	6.37×	7.29×
Cash conversion cycle (days)	-1,999	-1,845	-1,553	-1,679	-784	-933	-636	-821