Frey S.A. (FREY.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

+1784.1%

€648.13

vs €34.40 price

Levered DCF

€848.34

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.72

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	12.17×	23.02×	38.81×	7.48×	12.52×	309.4×	12.96×	9.52×
P/B	0.89×	0.88×	0.7×	0.98×	0.9×	0.95×	0.83×	0.72×
P/S	4.06×	4.83×	4.89×	7.59×	8.09×	6.84×	9.17×	7.58×
EV / EBITDA	14.05×	14.75×	21.05×	29.32×	26.74×	34.51×	11.91×	35.44×
Gross margin	62.6%	65.0%	66.3%	62.1%	64.5%	53.2%	56.0%	50.3%
Operating margin	47.7%	66.8%	62.4%	44.2%	48.3%	30.7%	38.5%	31.9%
Net margin	33.4%	20.9%	12.6%	101.6%	64.6%	2.2%	70.8%	79.6%
Current ratio	2.37×	3.19×	1.33×	1.98×	2.18×	1.18×	1.45×	1.93×
Debt / equity	1.37×	1.18×	0.96×	0.82×	0.68×	0.68×	0.51×	0.53×
Interest coverage	2.48×	2.06×	1.99×	3.97×	6.05×	4.73×	3.29×	2.13×
Dividend yield	6.6%	6.2%	6.5%	4.7%	3.3%	3.5%	3.7%	2.8%
Payout ratio	80.2%	142.8%	252.8%	35.1%	40.7%	1082.8%	47.8%	26.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.3%	3.8%	1.8%	13.1%	7.2%	0.3%	6.4%	7.5%
Return on invested capital	2.4%	4.0%	3.4%	2.7%	2.8%	2.3%	1.8%	1.8%
Return on assets	2.4%	1.6%	0.8%	6.3%	3.7%	0.2%	3.6%	4.6%
Free cash flow yield	-21.6%	6.6%	7.9%	2.8%	1.9%	3.2%	0.9%	-2.6%
Earnings yield	8.2%	4.3%	2.6%	13.4%	8.0%	0.3%	7.7%	10.5%
Enterprise value	€2.1B	€1.8B	€1.7B	€1.7B	€1.3B	€1.2B	€944.8M	€669.3M
Net debt / EBITDA	7.87×	7.34×	11.79×	12.67×	10.52×	13.36×	3.79×	12.7×
Cash conversion cycle (days)	221	332	490	433	490	395	436	529