Gaztransport & Technigaz S.A. (GTT.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

+176.9%

€508.41

vs €183.60 price

Levered DCF

€666.25

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

12.37

Safe zone

Rating

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	14.03×	13.68×	22×	28.68×	22.66×	14.78×	22.07×	17.44×
P/B	9.86×	10.31×	13.17×	14.17×	12.24×	12.02×	15.65×	13.86×
P/S	7.23×	7.42×	10.36×	11.98×	9.65×	7.41×	10.98×	10.11×
EV / EBITDA	10.13×	11.39×	17.13×	21.56×	16.49×	11.54×	17.2×	13.73×
Gross margin	64.8%	91.5%	93.4%	95.6%	96.0%	97.8%	97.5%	98.8%
Operating margin	64.5%	58.4%	52.3%	49.5%	52.3%	59.7%	59.1%	67.2%
Net margin	51.5%	54.2%	47.1%	41.7%	42.6%	50.2%	49.7%	58.1%
Current ratio	2×	2.04×	1.93×	1.95×	2.39×	3.07×	2.25×	1.97×
Debt / equity	0.21×	0.03×	0.02×	0.02×	0.02×	0.02×	0.01×	0.01×
Interest coverage	0×	0×	112.72×	805.23×	1,266.1×	1,470.71×	3,153.65×	5,703.34×
Dividend yield	5.0%	4.8%	2.8%	3.3%	3.8%	5.4%	3.9%	4.0%
Payout ratio	70.2%	65.8%	62.4%	95.0%	86.3%	79.2%	85.1%	69.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	70.3%	75.4%	59.9%	49.4%	54.0%	81.4%	70.9%	79.6%
Return on invested capital	59.6%	66.0%	54.3%	47.0%	50.8%	76.1%	69.5%	80.7%
Return on assets	39.5%	42.7%	32.7%	26.5%	32.5%	54.5%	41.1%	41.2%
Free cash flow yield	6.8%	7.6%	4.0%	3.2%	6.5%	4.8%	3.8%	7.3%
Earnings yield	7.1%	7.3%	4.5%	3.5%	4.4%	6.8%	4.5%	5.7%
Enterprise value	€5.6B	€4.4B	€4.2B	€3.5B	€2.8B	€2.8B	€3B	€2.3B
Net debt / EBITDA	-0.4×	-0.84×	-1.06×	-1.3×	-1.16×	-0.56×	-0.96×	-1.01×
Cash conversion cycle (days)	110	7	-27	-134	-261	-219	-200	-355