Dekuple S.A. (DKUPL.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

+654.5%

€156.18

vs €20.70 price

Levered DCF

€134.14

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.75

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	11.49×	14×	9.46×	10.99×	10.14×	9.11×	10.83×	5.43×
P/B	3.69×	4.87×	3.46×	5.01×	4.15×	3.02×	2.84×	2.6×
P/S	0.45×	0.65×	0.59×	0.66×	0.52×	0.42×	0.41×	0.4×
EV / EBITDA	5.93×	6.51×	4.52×	6.37×	4.18×	2.92×	3.94×	1.56×
Gross margin	7.9%	77.6%	47.7%	83.1%	80.8%	76.1%	74.0%	74.6%
Operating margin	6.3%	7.5%	8.8%	9.1%	8.8%	6.7%	5.5%	11.1%
Net margin	4.0%	4.6%	6.2%	6.0%	5.2%	4.7%	3.8%	7.4%
Current ratio	1.23×	1.14×	1.38×	1.39×	1.17×	1.17×	1.13×	1.2×
Debt / equity	2.84×	2.74×	1.81×	2.78×	1.7×	1.3×	1.01×	0.49×
Interest coverage	21.19×	32.48×	31.79×	51.07×	64.11×	41.74×	31.82×	257.65×
Dividend yield	2.7%	2.9%	3.0%	2.9%	3.7%	3.0%	7.0%	7.9%
Payout ratio	31.6%	41.0%	28.1%	32.2%	37.7%	27.3%	75.9%	42.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	32.1%	34.6%	36.6%	45.5%	40.9%	33.2%	26.2%	47.9%
Return on invested capital	7.8%	8.2%	11.2%	11.8%	14.4%	12.1%	11.6%	25.3%
Return on assets	4.0%	4.3%	6.3%	5.9%	5.7%	5.2%	4.6%	9.4%
Free cash flow yield	13.5%	11.0%	18.0%	10.1%	8.2%	31.2%	5.3%	14.2%
Earnings yield	8.7%	7.1%	10.6%	9.1%	9.9%	11.0%	9.2%	18.4%
Enterprise value	€140M	€163.5M	€115.5M	€125.7M	€82M	€41.8M	€47.7M	€24.5M
Net debt / EBITDA	1.26×	0.87×	-0.08×	0.3×	-0.2×	-1.19×	-0.76×	-1.63×
Cash conversion cycle (days)	33	-248	-65	-477	-491	-459	-326	-353