H2APEX Group SCA (H2A.DE) 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

-10734.5%

-€95.29

vs €0.90 price

Levered DCF

-€77.63

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

-3.51

Distress zone

Rating

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	-1.45×	-7.01×	-6.61×	-27.37×	1.1×	25.87×	38×	2.41×
P/B	1.84×	6.52×	2.81×	0.9×	0.81×	2.05×	1.35×	0.96×
P/S	4.94×	6.64×	10.6×	27.13×	74.91×	120.46×	2.27×	3.04×
EV / EBITDA	-2.7×	-12.97×	-9.7×	3.8×	18.92×	27.52×	7.13×	2.34×
Gross margin	-70.8%	3.0%	10.9%	99.6%	97.1%	75.5%	24.7%	23.9%
Operating margin	-352.3%	-86.8%	-145.5%	-104.4%	-88.6%	-252.8%	9.8%	5.1%
Net margin	-338.7%	-94.4%	-161.4%	-100.6%	6795.7%	451.4%	5.8%	126.2%
Current ratio	1.52×	1.4×	2.05×	6.45×	28.33×	3.27×	7.78×	20.51×
Debt / equity	1.37×	1.14×	0.77×	0×	0×	0.1×	0.06×	0.03×
Interest coverage	-24.92×	-18.17×	-9.94×	-10.22×	-31.53×	-14.66×	24.53×	6.27×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	42.3%	60.7%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	1128.1%	2389.7%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-126.4%	-92.6%	-42.8%	-3.3%	73.7%	7.7%	3.4%	39.9%
Return on invested capital	-55.3%	-37.8%	-21.5%	-4.0%	-1.0%	-3.6%	3.4%	1.5%
Return on assets	-40.5%	-30.6%	-20.2%	-3.3%	71.1%	5.4%	2.8%	36.3%
Free cash flow yield	-97.5%	-11.0%	-16.3%	-3.9%	2.5%	0.9%	0.2%	-0.7%
Earnings yield	-68.6%	-14.2%	-15.2%	-3.7%	90.7%	3.7%	2.5%	41.4%
Enterprise value	€78.2M	€214.8M	€162.3M	-€13M	-€20.8M	€70.6M	€52.5M	€17.1M
Net debt / EBITDA	-1×	-1.11×	-0.01×	34.3×	106.31×	-4.89×	-6.34×	-15×
Cash conversion cycle (days)	388	100	164	11,023	26,093	17,600	92	83