Vinci S.A. (DG.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

+98.4%

€217.74

vs €109.75 price

Levered DCF

€250.42

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.06

Distress zone

Rating

A-

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	13.7×	11.69×	13.73×	12.36×	20.38×	36.48×	16.84×	13.39×
P/B	2.19×	1.9×	2.3×	2.03×	2.31×	2.16×	2.69×	2.08×
P/S	0.89×	0.78×	0.92×	0.84×	1.05×	1.03×	1.12×	0.9×
EV / EBITDA	6.75×	6.1×	6.7×	6.75×	9.71×	11.49×	9.19×	7.98×
Gross margin	14.6%	58.2%	13.8%	12.9%	13.6%	11.0%	16.2%	13.8%
Operating margin	11.9%	12.1%	11.5%	10.4%	8.8%	5.6%	11.6%	11.1%
Net margin	6.5%	6.7%	6.7%	6.8%	5.2%	2.8%	6.7%	6.7%
Current ratio	0.85×	0.85×	0.9×	0.86×	0.85×	0.96×	0.9×	0.92×
Debt / equity	1.23×	1.21×	1.12×	1.2×	1.48×	1.56×	1.59×	1.26×
Interest coverage	6×	6.23×	6.87×	8.01×	5.92×	3.12×	10.15×	8.5×
Dividend yield	4.0%	4.5%	3.6%	3.5%	2.9%	1.5%	2.7%	3.5%
Payout ratio	54.4%	52.8%	48.8%	43.0%	58.8%	55.9%	46.1%	46.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.9%	16.2%	16.7%	16.4%	11.4%	5.9%	16.0%	15.5%
Return on invested capital	7.4%	7.9%	8.2%	6.6%	3.9%	2.2%	6.1%	6.9%
Return on assets	3.7%	3.8%	4.0%	3.8%	2.6%	1.4%	3.6%	4.0%
Free cash flow yield	11.9%	13.5%	11.2%	11.2%	10.9%	10.0%	8.6%	10.1%
Earnings yield	7.3%	8.6%	7.3%	8.1%	4.9%	2.7%	5.9%	7.5%
Enterprise value	€87.7B	€77.9B	€80.4B	€71.1B	€75.6B	€66.4B	€79.1B	€56.2B
Net debt / EBITDA	1.57×	1.65×	1.32×	1.75×	2.92×	3.64×	2.81×	2.31×
Cash conversion cycle (days)	22	-55	29	30	30	36	45	44