Eiffage S.A. (FGR.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

+436.0%

€549.66

vs €102.55 price

Levered DCF

€832.00

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

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	11.12×	7.65×	9.1×	9.72×	11.7×	20.64×	13.64×	11.24×
P/B	1.51×	1.19×	1.43×	1.41×	1.6×	1.46×	1.88×	1.49×
P/S	0.44×	0.33×	0.41×	0.42×	0.46×	0.46×	0.53×	0.42×
EV / EBITDA	4.95×	4.6×	5.25×	5.84×	6.28×	7.94×	7.13×	6.69×
Gross margin	12.9%	83.6%	82.4%	12.7%	11.8%	10.4%	13.3%	82.0%
Operating margin	9.8%	10.1%	10.6%	10.5%	9.5%	7.3%	10.4%	10.9%
Net margin	3.9%	4.3%	4.5%	4.3%	3.9%	2.3%	3.9%	3.7%
Current ratio	0.95×	0.96×	1×	0.97×	1.05×	1.04×	0.94×	0.99×
Debt / equity	2.1×	2.49×	2.48×	2.58×	2.79×	3.09×	3.03×	3.03×
Interest coverage	6.05×	5.24×	5.77×	7.13×	6.96×	4.38×	6.69×	4.78×
Dividend yield	3.7%	5.0%	3.8%	3.4%	3.4%	0.0%	2.4%	2.8%
Payout ratio	40.7%	37.9%	34.6%	33.0%	39.7%	0.0%	32.3%	31.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.6%	15.5%	15.7%	14.5%	13.7%	7.1%	13.8%	13.2%
Return on invested capital	6.2%	6.4%	6.8%	6.4%	5.5%	3.1%	5.4%	6.3%
Return on assets	2.5%	2.6%	2.7%	2.5%	2.2%	1.1%	2.2%	2.1%
Free cash flow yield	24.8%	40.3%	31.0%	29.1%	27.2%	22.7%	14.3%	18.1%
Earnings yield	9.0%	13.1%	11.0%	10.3%	8.5%	4.8%	7.3%	8.9%
Enterprise value	€21.3B	€18.6B	€20.3B	€19.9B	€19.3B	€18.9B	€21.4B	€17.8B
Net debt / EBITDA	2.31×	2.63×	2.86×	3.28×	3.42×	4.69×	3.84×	4.03×
Cash conversion cycle (days)	24	-276	-229	58	58	67	40	-217