Fnac Darty S.A. (FNAC.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

+1474.4%

€549.45

vs €34.90 price

Levered DCF

€477.02

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.47

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	-5.88×	22.84×	15.28×	-28.94×	9.55×	1,163.36×	13.33×	10.2×
P/B	0.59×	0.51×	0.49×	0.61×	0.98×	1.02×	1.01×	1.22×
P/S	0.08×	0.1×	0.1×	0.12×	0.19×	0.19×	0.19×	0.21×
EV / EBITDA	3.2×	3.22×	3.85×	3.75×	3.95×	4.35×	4.38×	3.74×
Gross margin	28.0%	30.1%	30.2%	10.8%	10.6%	10.4%	11.0%	30.6%
Operating margin	1.9%	1.9%	0.5%	2.9%	3.4%	2.9%	4.0%	4.2%
Net margin	-1.4%	0.4%	0.6%	-0.4%	2.0%	0.0%	1.4%	2.1%
Current ratio	0.91×	0.88×	0.84×	0.89×	0.95×	0.91×	0.9×	0.96×
Debt / equity	1.74×	1.51×	1.36×	1.37×	1.33×	1.88×	1.58×	0.73×
Interest coverage	1.69×	1.91×	0.51×	4.87×	5.83×	4.19×	3.77×	8.4×
Dividend yield	3.9%	2.1%	2.9%	5.9%	1.7%	2.8%	0.0%	0.0%
Payout ratio	-23.2%	49.0%	43.1%	-171.9%	16.7%	3310.7%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-10.0%	2.2%	3.3%	-2.1%	10.3%	0.1%	7.6%	11.9%
Return on invested capital	4.2%	1.9%	1.0%	3.8%	4.4%	2.9%	4.1%	8.1%
Return on assets	-1.7%	0.4%	0.7%	-0.5%	2.3%	0.0%	1.5%	2.7%
Free cash flow yield	50.2%	45.9%	58.0%	19.8%	25.1%	29.6%	25.3%	9.9%
Earnings yield	-16.9%	4.4%	6.6%	-3.4%	10.5%	0.1%	7.5%	9.8%
Enterprise value	€2.3B	€2.2B	€1.7B	€2.1B	€2.4B	€2.4B	€2.6B	€1.5B
Net debt / EBITDA	2×	2.01×	2.15×	2.07×	1.45×	1.82×	2.02×	-0.02×
Cash conversion cycle (days)	-55	-52	-57	-31	-33	-31	-31	-44