Emeis (EMEIS.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

-657.4%

-€54.04

vs €9.70 price

Levered DCF

€36.58

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.65

Distress zone

Rating

C+

Overall 2 / 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	-7.75×	-2.31×	1.45×	-6.32×	5.92×	2.77×	2,044.72×	1,670.95×
P/B	1.64×	0.55×	1.04×	-16.96×	165.51×	128.9×	158.74×	123.93×
P/S	0.39×	0.17×	0.38×	5.44×	89.47×	114.86×	127.92×	107.6×
EV / EBITDA	24.84×	18.69×	3.74×	-11.01×	380.39×	722.05×	685.52×	611.82×
Gross margin	80.8%	80.0%	12.6%	15.2%	21.5%	24.6%	27.9%	20.5%
Operating margin	2.9%	-0.7%	-17.7%	-1.0%	9.2%	10.8%	13.5%	12.5%
Net margin	-5.1%	-7.3%	26.1%	-86.0%	1.5%	4.1%	6.3%	6.4%
Current ratio	0.64×	0.72×	0.76×	0.23×	0.79×	0.92×	0.96×	0.95×
Debt / equity	6.11×	5.14×	4.86×	-8.91×	5.27×	3.08×	3.13×	1.98×
Interest coverage	0.5×	-0.1×	-1.58×	-0.15×	1.88×	1.85×	2.69×	4.24×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	89.2%	0.0%	33.1%	32.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-21.2%	-23.9%	71.8%	268.2%	2.8%	4.6%	7.8%	7.4%
Return on invested capital	1.6%	-0.3%	-7.4%	-0.3%	1.6%	2.0%	2.6%	3.0%
Return on assets	-2.4%	-3.1%	9.7%	-27.8%	0.4%	0.9%	1.6%	2.0%
Free cash flow yield	22.3%	34.5%	11.0%	1.0%	0.1%	0.1%	0.1%	0.0%
Earnings yield	-12.9%	-43.2%	69.0%	-15.8%	0.0%	0.0%	0.0%	0.1%
Enterprise value	€10.6B	€9.3B	€10.5B	€38B	€395.9B	€460.4B	€487B	€373.1B
Net debt / EBITDA	19.42×	16.78×	3.04×	-3.63×	10.85×	15.5×	12.11×	8.38×
Cash conversion cycle (days)	-116	-77	6	11	8	-10	-4	-9