Hydrogène de France S.A. (HDF.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

-423.8%

-€6.21

vs €1.92 price

Levered DCF

-€7.30

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

2.11

Grey zone

Rating

B-

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	-8.85×	-5.68×	-22.91×	-87.08×	-101.73×	1,059.02×	714.6×	677.15×
P/B	0.62×	0.68×	1.78×	2.68×	3.32×	136.7×	159.06×	152.15×
P/S	51.45×	5.54×	45.64×	83.24×	409.79×	228.76×	183.8×	341.2×
EV / EBITDA	4.89×	-1.53×	-15.7×	-44.69×	-81.77×	653.69×	476.55×	-2,013.04×
Gross margin	-1539.4%	-7.0%	98.7%	99.6%	147.9%	10.3%	18.2%	-82.5%
Operating margin	-230.6%	-140.5%	-283.6%	-122.1%	-451.3%	28.8%	16.8%	70.0%
Net margin	-575.9%	-97.6%	-199.2%	-97.4%	-397.8%	21.6%	25.7%	50.4%
Current ratio	8.67×	6.11×	6.09×	11.5×	17.01×	1.56×	3.04×	3.01×
Debt / equity	0×	0×	0×	0×	0.02×	0.27×	0.11×	0.15×
Interest coverage	-92.04×	0×	0×	-31.77×	-5.51×	206.74×	155.35×	195.18×
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	-6.9%	-12.1%	-7.8%	-3.1%	-3.2%	12.9%	22.3%	22.5%
Return on invested capital	-2.7%	-13.8%	-9.0%	-3.4%	-2.7%	8.5%	8.5%	18.7%
Return on assets	-6.4%	-10.8%	-6.8%	-2.9%	-3.0%	5.2%	13.9%	13.6%
Free cash flow yield	-9.9%	-35.6%	-13.4%	-2.6%	-1.7%	-0.3%	-0.5%	0.3%
Earnings yield	-11.2%	-17.6%	-4.4%	-1.2%	-1.0%	0.1%	0.1%	0.1%
Enterprise value	€18.2M	€22.8M	€117.3M	€201.2M	€270M	€443.7M	€442.6M	€322.3M
Net debt / EBITDA	-8.88×	2.61×	8.33×	19.31×	28.06×	1.24×	-0.28×	6.01×
Cash conversion cycle (days)	4,778	280	46,121	142,590	645	784	281	161