Fonciere Inea S.A. (INEA.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

+133.0%

€73.40

vs €31.50 price

Levered DCF

€75.19

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.41

Distress zone

Rating

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	76×	-117.86×	19.1×	6.92×	7.1×	8.47×	7.68×	8.62×
P/B	0.7×	0.65×	0.69×	0.66×	0.85×	0.78×	0.79×	0.81×
P/S	4.42×	4.58×	5.9×	6.72×	7.21×	6.8×	7.23×	5.66×
EV / EBITDA	35.05×	33.96×	21.03×	24.41×	25.57×	14.1×	23.99×	15.43×
Gross margin	70.9%	72.2%	100.0%	72.0%	73.8%	74.0%	71.2%	72.4%
Operating margin	59.8%	24.1%	54.2%	57.3%	59.1%	95.0%	56.6%	58.4%
Net margin	5.8%	-3.9%	30.9%	97.2%	101.6%	80.3%	94.0%	65.7%
Current ratio	0.26×	0.33×	0.07×	7.67×	5.74×	2.88×	12.21×	7.71×
Debt / equity	1.13×	1.12×	0.95×	0.72×	0.95×	0.82×	0.71×	1.09×
Interest coverage	1.9×	0.6×	1.56×	3.01×	3.18×	0×	2.63×	2.95×
Dividend yield	7.9%	8.2%	7.1%	5.7%	5.7%	6.4%	5.8%	5.1%
Payout ratio	600.2%	-966.4%	135.5%	39.2%	40.3%	54.3%	44.7%	44.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	0.9%	-0.5%	3.6%	9.5%	12.0%	9.2%	10.3%	9.4%
Return on invested capital	4.1%	1.6%	3.3%	3.3%	3.2%	5.8%	3.6%	3.4%
Return on assets	0.4%	-0.3%	1.8%	5.4%	5.8%	4.9%	5.9%	4.4%
Free cash flow yield	7.3%	17.3%	7.3%	6.8%	6.8%	6.8%	6.8%	10.3%
Earnings yield	1.3%	-0.8%	5.2%	14.5%	14.1%	11.8%	13.0%	11.6%
Enterprise value	€970.3M	€967.4M	€966.2M	€836.2M	€816.3M	€671M	€596.7M	€541.5M
Net debt / EBITDA	21.68×	21.43×	12.09×	12.69×	13.45×	7.18×	11.18×	8.8×
Cash conversion cycle (days)	-73	-66	-35	-32	-22	8	-133	33