Catenon S.A. (COM.MC) 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

+31.8%

€1.41

vs €1.07 price

Levered DCF

€1.06

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

4.01

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	6.56×	6.14×	5.68×	178.38×	15.18×	-4.22×	3.67×	-7.99×
P/B	2.27×	0.59×	0.74×	1.31×	1.55×	0.29×	0.25×	0.48×
P/S	0.68×	0.07×	0.08×	0.13×	0.21×	0.05×	0.04×	0.08×
EV / EBITDA	4.4×	7.93×	7.25×	17.37×	14.21×	6.73×	4.65×	10.76×
Gross margin	102.6%	14.8%	16.8%	16.9%	15.8%	11.5%	10.9%	10.0%
Operating margin	14.0%	2.7%	2.9%	2.1%	2.7%	1.1%	2.3%	0.1%
Net margin	10.4%	1.1%	1.4%	0.1%	1.4%	-1.2%	1.1%	-0.9%
Current ratio	2.23×	0.97×	1.06×	0.97×	1.09×	1.09×	0.76×	0.78×
Debt / equity	0.19×	2.4×	2.56×	4.36×	4.01×	3.02×	2.2×	2.26×
Interest coverage	32.82×	2.09×	2.38×	1.68×	2.55×	0.97×	3.79×	0.14×
Dividend yield	5.1%	16.5%	10.2%	7.1%	0.0%	30.5%	0.0%	0.0%
Payout ratio	33.4%	99.4%	58.5%	1273.0%	0.0%	-128.5%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	34.6%	9.9%	12.8%	0.7%	9.9%	-6.8%	6.9%	-6.0%
Return on invested capital	30.4%	5.2%	5.4%	2.7%	2.9%	1.5%	3.2%	0.2%
Return on assets	20.6%	2.0%	2.6%	0.1%	1.6%	-1.3%	1.7%	-1.5%
Free cash flow yield	14.3%	2.3%	107.6%	43.7%	-13.7%	117.0%	143.8%	15.2%
Earnings yield	15.3%	16.6%	17.4%	0.6%	6.4%	-23.7%	27.3%	-12.5%
Enterprise value	€9.4M	€14.1M	€13.5M	€21.8M	€24.5M	€10.1M	€11.9M	€15.4M
Net debt / EBITDA	-0.06×	5.72×	4.58×	11.24×	8.55×	5.63×	3.98×	8.49×
Cash conversion cycle (days)	102	37	22	40	1	60	58	60