Ramsay Générale de Santé S.A. (GDS.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

+1798.0%

€167.03

vs €8.80 price

Levered DCF

€200.44

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.93

Distress zone

Rating

C-

Overall 1 / 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	-24.15×	-22.45×	-31.84×	45.33×	21.03×	32.37×	102.06×	101.67×
P/B	1.05×	1.06×	1.44×	1.81×	2.05×	1.97×	1.89×	1.55×
P/S	0.22×	0.23×	0.34×	0.48×	0.58×	0.52×	0.51×	0.45×
EV / EBITDA	7.85×	8.22×	9.26×	9.34×	9.33×	8.97×	9.93×	10.87×
Gross margin	78.6%	77.9%	78.7%	79.2%	79.3%	79.6%	80.5%	81.0%
Operating margin	3.7%	3.6%	3.7%	4.6%	6.5%	6.8%	4.9%	4.6%
Net margin	-0.9%	-1.0%	-1.1%	1.1%	2.8%	1.6%	0.5%	0.4%
Current ratio	0.78×	0.81×	0.87×	0.92×	0.85×	0.95×	0.97×	1.13×
Debt / equity	3.62×	3.57×	3.4×	3.33×	3.27×	3.6×	3.87×	2.03×
Interest coverage	1.01×	0.87×	0.9×	1.32×	2.19×	2.11×	1.35×	2.17×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-4.3%	-4.7%	-4.5%	4.0%	9.8%	6.1%	1.8%	1.5%
Return on invested capital	3.6%	3.4%	3.0%	2.8%	3.5%	3.6%	1.4%	1.4%
Return on assets	-0.7%	-0.8%	-0.8%	0.7%	1.7%	1.0%	0.3%	0.4%
Free cash flow yield	32.4%	45.4%	24.4%	19.0%	2.8%	22.6%	29.3%	2.3%
Earnings yield	-4.1%	-4.5%	-3.1%	2.2%	4.8%	3.1%	1.0%	1.0%
Enterprise value	€4.9B	€4.9B	€5.4B	€6B	€6.3B	€5.4B	€5.3B	€3.2B
Net debt / EBITDA	5.97×	6.2×	6.33×	5.86×	5.66×	5.44×	6.34×	5.62×
Cash conversion cycle (days)	-62	-60	-64	-89	-87	-74	-84	-56