EXEL Industries S.A. (EXE.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

+980.7%

€183.72

vs €17.00 price

Levered DCF

€273.05

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.44

Distress zone

Rating

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	14.88×	10.8×	7.35×	8.31×	12.48×	-21.33×	68×	16.69×
P/B	0.52×	0.73×	0.71×	0.57×	1.39×	0.67×	0.77×	1.8×
P/S	0.25×	0.31×	0.29×	0.24×	0.62×	0.3×	0.36×	0.78×
EV / EBITDA	5.65×	5.62×	4.51×	5.9×	6.98×	15.51×	11.57×	9.63×
Gross margin	48.4%	47.0%	46.4%	45.8%	47.8%	5.0%	33.3%	33.1%
Operating margin	3.8%	5.1%	6.1%	3.6%	6.8%	4.4%	4.2%	7.4%
Net margin	1.7%	2.8%	3.9%	2.9%	5.0%	-1.4%	0.5%	4.7%
Current ratio	1.84×	1.75×	1.74×	1.69×	1.64×	1.57×	1.92×	2.02×
Debt / equity	0.3×	0.39×	0.41×	0.54×	0.32×	0.55×	0.42×	0.45×
Interest coverage	5.18×	5.85×	9.29×	7.7×	18.98×	8.92×	7.22×	15.03×
Dividend yield	3.2%	3.2%	2.3%	4.6%	0.0%	0.0%	2.8%	1.6%
Payout ratio	47.9%	34.2%	16.8%	38.0%	0.0%	0.0%	188.9%	26.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.5%	6.7%	9.6%	6.8%	11.2%	-3.1%	1.1%	10.8%
Return on invested capital	4.4%	6.0%	7.1%	4.1%	8.1%	5.7%	2.8%	8.1%
Return on assets	1.9%	3.5%	4.8%	3.2%	5.6%	-1.4%	0.6%	5.5%
Free cash flow yield	19.0%	5.7%	20.0%	-29.0%	8.6%	18.7%	10.6%	-1.9%
Earnings yield	6.7%	9.3%	13.6%	12.0%	8.0%	-4.7%	1.5%	6.0%
Enterprise value	€340.1M	€465.2M	€430.1M	€398M	€585.5M	€316.3M	€338.7M	€739.5M
Net debt / EBITDA	1.64×	1.55×	1.24×	2.38×	0.51×	4.3×	2.11×	1.11×
Cash conversion cycle (days)	212	210	205	231	208	156	183	169