High Co. S.A. (HCO.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

+325.3%

€14.59

vs €3.43 price

Levered DCF

€16.78

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.87

Distress zone

Rating

B-

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	15.88×	6.61×	6.7×	53.79×	9.26×	15.97×	13.51×	10.52×
P/B	1.06×	0.53×	0.83×	1.08×	1.07×	1.08×	1.41×	1.08×
P/S	0.79×	0.34×	0.51×	0.67×	0.75×	0.73×	0.72×	0.53×
EV / EBITDA	0.44×	-1.34×	0.99×	3.14×	1.82×	2.04×	3.38×	2.23×
Gross margin	9.7%	39.4%	16.9%	14.4%	48.9%	46.2%	45.3%	39.4%
Operating margin	6.2%	7.3%	10.9%	5.0%	12.6%	8.9%	9.5%	8.4%
Net margin	4.9%	5.1%	7.6%	1.2%	8.1%	3.1%	5.3%	5.0%
Current ratio	1.14×	1.2×	1.16×	1.14×	1.12×	1.06×	1.01×	1.05×
Debt / equity	0.3×	0.07×	0.14×	0.17×	0.16×	0.58×	0.26×	0.13×
Interest coverage	24.07×	49.99×	61.44×	22.86×	53.66×	23.93×	42.84×	77.12×
Dividend yield	31.6%	11.2%	10.7%	8.8%	8.3%	0.0%	4.2%	4.8%
Payout ratio	507.1%	74.3%	71.9%	473.6%	76.3%	0.1%	57.2%	50.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.6%	8.0%	12.4%	2.0%	11.6%	4.6%	10.4%	10.2%
Return on invested capital	3.8%	7.5%	10.5%	2.7%	11.1%	5.1%	9.1%	10.5%
Return on assets	2.3%	3.6%	5.5%	0.8%	5.1%	1.6%	3.8%	3.8%
Free cash flow yield	22.8%	48.8%	14.5%	10.2%	9.4%	16.6%	18.7%	18.9%
Earnings yield	6.2%	15.1%	14.9%	1.9%	10.8%	4.3%	7.4%	9.4%
Enterprise value	€4.7M	-€25.2M	€21.3M	€41.6M	€45.5M	€41.2M	€79.8M	€39.8M
Net debt / EBITDA	-6.91×	-3.98×	-2.5×	-4.15×	-2.32×	-2.88×	-1.97×	-2.92×
Cash conversion cycle (days)	49	-48	8	-16	-50	-73	5	-31