Bouygues S.A. (EN.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

+269.6%

€151.46

vs €40.98 price

Levered DCF

€234.49

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.71

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	14.83×	10.19×	12.32×	11×	10.67×	18.39×	11.91×	8.8×
P/B	1.31×	0.85×	1.03×	0.88×	1.08×	1.24×	1.36×	1.18×
P/S	0.3×	0.19×	0.23×	0.24×	0.32×	0.37×	0.37×	0.32×
EV / EBITDA	4.92×	3.78×	4.23×	4.47×	3.45×	4.75×	4.31×	3.77×
Gross margin	5.5%	55.2%	53.6%	56.4%	55.5%	55.7%	53.4%	53.3%
Operating margin	3.3%	4.0%	3.8%	4.2%	6.5%	4.5%	6.9%	5.0%
Net margin	2.0%	1.9%	1.9%	2.2%	3.0%	2.0%	3.1%	3.7%
Current ratio	0.93×	0.92×	0.95×	0.99×	1.04×	0.99×	0.98×	0.96×
Debt / equity	1.16×	1.16×	1.2×	1.31×	0.84×	0.77×	0.71×	0.68×
Interest coverage	2.71×	3.13×	4.46×	6.43×	10.76×	6.21×	8.63×	7.28×
Dividend yield	4.4%	6.7%	5.2%	6.4%	5.4%	5.0%	4.5%	5.4%
Payout ratio	66.3%	67.9%	64.5%	69.9%	57.5%	92.8%	53.3%	47.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.7%	8.3%	8.4%	8.0%	10.1%	6.7%	11.4%	13.4%
Return on invested capital	3.7%	4.6%	4.5%	4.1%	7.5%	5.0%	8.9%	6.7%
Return on assets	1.8%	1.7%	1.7%	1.6%	2.5%	1.7%	3.0%	3.5%
Free cash flow yield	15.4%	31.4%	21.2%	2.3%	8.7%	5.9%	10.6%	-1.1%
Earnings yield	6.7%	9.8%	8.1%	9.1%	9.4%	5.4%	8.4%	11.4%
Enterprise value	€24.7B	€20B	€22.1B	€20.9B	€14.8B	€16.5B	€18B	€15.2B
Net debt / EBITDA	1.52×	1.74×	1.77×	2.19×	0.65×	1.07×	0.93×	0.91×
Cash conversion cycle (days)	82	16	-16	11	2	14	25	-93