Ipsen S.A. (IPN.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

+79.2%

€280.31

vs €156.40 price

Levered DCF

€204.01

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

4.23

Safe 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	22.16×	26.48×	13.85×	13.96×	10.54×	10.27×	-119.7×	24.16×
P/B	2.29×	2.19×	2.33×	2.5×	2.45×	2.66×	3.75×	5.1×
P/S	2.7×	2.56×	2.7×	2.65×	2.44×	2.11×	2.44×	4×
EV / EBITDA	8.42×	7.67×	7.65×	6.94×	6.31×	7.79×	50.3×	14.9×
Gross margin	70.6%	82.7%	82.7%	83.3%	84.0%	81.7%	81.9%	80.7%
Operating margin	20.3%	13.9%	24.7%	29.9%	32.2%	28.3%	26.1%	23.6%
Net margin	12.1%	9.7%	19.5%	20.5%	23.5%	20.4%	-2.0%	16.6%
Current ratio	1.96×	1.34×	1.17×	1.8×	1.59×	1.3×	0.93×	1.24×
Debt / equity	0.2×	0.1×	0.12×	0.23×	0.29×	0.55×	0.84×	0.32×
Interest coverage	20.67×	20.87×	42.06×	39.65×	37.39×	28.01×	23.39×	66.11×
Dividend yield	1.2%	1.1%	1.1%	1.2%	1.2%	1.5%	1.3%	0.9%
Payout ratio	26.1%	28.8%	15.5%	15.3%	12.8%	15.2%	-151.5%	21.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.3%	8.3%	16.8%	19.4%	23.6%	25.7%	-3.1%	21.2%
Return on invested capital	10.4%	8.3%	13.9%	18.1%	18.2%	21.6%	20.2%	18.2%
Return on assets	6.4%	5.4%	10.2%	11.6%	13.0%	12.7%	-1.3%	11.5%
Free cash flow yield	10.4%	1.5%	8.4%	8.4%	6.8%	11.1%	5.3%	4.9%
Earnings yield	4.5%	3.8%	7.2%	7.8%	9.6%	9.7%	-0.8%	4.1%
Enterprise value	€9.3B	€8.9B	€8.9B	€8B	€6.7B	€6.2B	€7.7B	€9.6B
Net debt / EBITDA	-0.6×	-0.22×	-0.06×	-0.35×	-0.03×	0.66×	7.31×	0.38×
Cash conversion cycle (days)	-109	-265	-238	-174	-234	-142	-140	-74