Ipsos S.A. (IPS.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

+165.0%

€92.96

vs €35.08 price

Levered DCF

€97.79

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.91

Grey zone

Rating

A+

Overall 4 / 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	7.91×	9.67×	15.46×	12.01×	9.96×	11.08×	12.11×	8.28×
P/B	0.94×	1.25×	1.74×	1.75×	1.37×	1.1×	1.15×	0.88×
P/S	0.58×	0.81×	1.03×	1.08×	0.85×	0.66×	0.63×	0.51×
EV / EBITDA	4.47×	5.36×	7.14×	6.92×	6.18×	6.71×	8.06×	7.22×
Gross margin	20.0%	68.7%	67.5%	66.3%	64.7%	64.2%	64.3%	65.1%
Operating margin	12.1%	12.1%	10.8%	12.9%	12.5%	9.7%	8.8%	9.3%
Net margin	7.4%	8.4%	6.7%	8.9%	8.6%	6.0%	5.2%	6.1%
Current ratio	1.55×	1.12×	1.48×	1.55×	1.51×	1.23×	1.36×	1.86×
Debt / equity	0.42×	0.32×	0.38×	0.4×	0.47×	0.64×	0.83×	0.73×
Interest coverage	9.23×	14.95×	11.07×	15.28×	13.82×	6.17×	5.35×	6.79×
Dividend yield	5.4%	3.6%	2.4%	2.0%	2.2%	1.6%	3.0%	4.2%
Payout ratio	42.8%	34.8%	36.9%	23.7%	21.7%	18.1%	36.9%	35.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.9%	13.0%	11.3%	14.5%	13.8%	9.9%	9.5%	10.6%
Return on invested capital	9.5%	9.6%	8.5%	10.4%	9.5%	6.7%	6.1%	6.3%
Return on assets	6.1%	7.0%	5.8%	7.5%	6.7%	4.4%	3.9%	4.5%
Free cash flow yield	14.7%	13.6%	9.1%	10.4%	16.5%	27.5%	10.6%	11.5%
Earnings yield	12.6%	10.3%	6.5%	8.3%	10.0%	9.0%	8.3%	12.0%
Enterprise value	€1.8B	€2.1B	€2.7B	€2.8B	€2.2B	€1.7B	€2B	€1.5B
Net debt / EBITDA	0.84×	0.42×	0.67×	0.5×	0.93×	1.93×	3×	2.83×
Cash conversion cycle (days)	38	-50	-53	-38	-47	-45	-3	-32