Elis S.A. (ELIS.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

+79.5%

€42.60

vs €23.74 price

Levered DCF

€29.40

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.37

Distress zone

Rating

B+

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	15.45×	13.22×	16.72×	15.7×	29.84×	1,117.21×	29.37×	41.57×
P/B	1.49×	1.24×	1.26×	0.99×	1.13×	1.07×	1.38×	1.18×
P/S	1.18×	0.97×	1.02×	0.84×	1.11×	1.07×	1.24×	1.08×
EV / EBITDA	5.62×	5.1×	5.67×	6.04×	6.93×	7.79×	7.25×	7.51×
Gross margin	46.7%	32.9%	32.9%	43.8%	43.4%	41.5%	29.9%	29.8%
Operating margin	12.9%	13.0%	11.5%	11.5%	9.1%	6.5%	10.7%	9.4%
Net margin	7.6%	7.4%	6.1%	5.3%	3.7%	0.1%	4.3%	2.6%
Current ratio	0.81×	0.82×	0.83×	0.9×	0.91×	0.77×	0.8×	0.86×
Debt / equity	1.08×	1.19×	1.22×	1.23×	1.25×	1.38×	1.35×	1.25×
Interest coverage	4.09×	3.76×	3.48×	4.38×	2.99×	2.1×	2.7×	2.76×
Dividend yield	1.9%	2.3%	1.4%	1.0%	0.0%	0.0%	2.0%	2.4%
Payout ratio	28.7%	30.0%	23.5%	16.4%	0.0%	0.0%	57.2%	98.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.6%	9.4%	7.6%	6.3%	3.8%	0.1%	4.8%	2.9%
Return on invested capital	5.5%	5.2%	4.2%	4.1%	2.6%	0.2%	3.6%	2.7%
Return on assets	3.8%	3.6%	2.8%	2.4%	1.4%	0.0%	1.7%	1.1%
Free cash flow yield	9.7%	12.7%	11.4%	10.0%	9.2%	9.4%	8.8%	6.5%
Earnings yield	6.5%	7.6%	6.0%	6.3%	3.4%	0.1%	3.5%	2.4%
Enterprise value	€9.4B	€8.1B	€7.9B	€6.9B	€7B	€6.7B	€7.9B	€6.8B
Net debt / EBITDA	2.23×	2.29×	2.54×	3.22×	3.56×	4.3×	3.51×	3.76×
Cash conversion cycle (days)	42	48	47	55	106	60	58	59