Immobiliere Dassault S.A. (IMDA.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

+202.6%

€124.07

vs €41.00 price

Levered DCF

€74.06

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.94

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	13.81×	12.93×	-13.02×	8.69×	6.11×	3.6×	10.41×	11.48×
P/B	0.61×	0.59×	0.58×	0.61×	0.76×	0.77×	1.09×	0.91×
P/S	11.22×	11.76×	12.18×	14.69×	17.29×	19.56×	21.8×	22.91×
EV / EBITDA	19.11×	24.4×	25.41×	23.24×	30.69×	43.48×	14.78×	18.65×
Gross margin	94.9%	92.6%	91.2%	88.1%	82.7%	74.7%	77.4%	84.6%
Operating margin	95.3%	83.5%	-54.7%	167.0%	87.4%	561.6%	73.3%	78.7%
Net margin	81.3%	90.8%	-93.6%	169.1%	283.0%	543.8%	209.2%	199.6%
Current ratio	0.15×	0.1×	0.13×	0.71×	0.03×	0×	0.05×	0.18×
Debt / equity	0.53×	0.44×	0.43×	0.39×	0.42×	0.53×	0.66×	0.73×
Interest coverage	3.39×	2.87×	-2.71×	10.99×	4.28×	0×	2.98×	3.84×
Dividend yield	3.7%	3.9%	5.4%	2.3%	1.5%	2.1%	1.8%	2.3%
Payout ratio	50.4%	50.4%	-70.1%	20.0%	9.3%	7.5%	18.6%	26.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.4%	4.6%	-4.5%	7.1%	12.4%	21.3%	10.5%	8.0%
Return on invested capital	3.3%	2.9%	-1.8%	4.8%	2.7%	14.3%	2.2%	1.8%
Return on assets	2.8%	3.1%	-3.0%	4.9%	8.5%	13.5%	6.1%	4.4%
Free cash flow yield	7.1%	5.9%	3.8%	4.1%	2.9%	2.8%	2.1%	0.6%
Earnings yield	7.2%	7.7%	-7.7%	11.5%	16.4%	27.8%	9.6%	8.7%
Enterprise value	€724.8M	€614.8M	€591.6M	€623.5M	€692M	€676.3M	€731.4M	€616.2M
Net debt / EBITDA	8.82×	10.37×	10.81×	9.04×	10.99×	17.87×	5.54×	8.27×
Cash conversion cycle (days)	-130	-274	-277	-83	12	-77	-147	-133