Coheris S.A. (COH.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

+203.3%

€24.75

vs €8.16 price

Levered DCF

€22.93

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

3.29

Safe 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	26.57×	13.57×	9.04×	3.74×	11×	-5.44×	-3.03×	10.93×
P/B	3.5×	2.27×	1.56×	1.12×	1.13×	1.24×	1.05×	0.66×
P/S	5.01×	3.15×	1.9×	1.2×	0.91×	0.98×	0.89×	0.67×
EV / EBITDA	17.02×	8.5×	6.41×	5.19×	5.13×	13.29×	-18.43×	2.25×
Gross margin	32.7%	67.6%	18.4%	15.7%	10.7%	-10.3%	3.7%	3.7%
Operating margin	17.8%	21.6%	18.1%	14.4%	8.3%	-17.5%	2.0%	7.7%
Net margin	18.7%	23.1%	20.8%	32.0%	8.0%	-17.7%	-29.5%	6.3%
Current ratio	1.96×	1.85×	1.49×	1.43×	1.29×	1.35×	1.35×	1.46×
Debt / equity	0.17×	0.25×	0.35×	0.49×	0.76×	0.48×	0.26×	0.05×
Interest coverage	20.71×	23.96×	9.74×	16.5×	11.97×	-29.76×	1.88×	10.23×
Dividend yield	0.6%	1.0%	0.0%	0.0%	0.0%	0.0%	1.4%	0.0%
Payout ratio	14.9%	13.2%	0.0%	0.0%	0.0%	0.0%	-4.2%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.1%	16.6%	17.2%	30.0%	10.0%	-22.5%	-34.9%	6.2%
Return on invested capital	8.6%	10.4%	10.7%	8.8%	5.5%	-13.3%	3.0%	10.0%
Return on assets	7.8%	9.5%	8.0%	12.7%	3.1%	-8.5%	-16.9%	3.6%
Free cash flow yield	5.2%	10.6%	16.0%	28.8%	43.5%	8.7%	-6.0%	-0.2%
Earnings yield	3.7%	7.3%	11.0%	26.7%	8.8%	-18.1%	-33.1%	9.4%
Enterprise value	€85.5M	€51.9M	€33.7M	€23.4M	€17.3M	€10.1M	€11.4M	€6.3M
Net debt / EBITDA	0.78×	0.79×	1.14×	1.5×	1.78×	-1.32×	0.16×	-1.1×
Cash conversion cycle (days)	356	337	469	429	446	195	153	179