Lavipharm S.A. (LAVI.AT) 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

-206.6%

-€1.60

vs €1.50 price

Levered DCF

-€1.66

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.18

Grey zone

Rating

C+

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	27.4×	14.89×	71.71×	9.92×	5.73×	3.98×	0.71×	1.91×
P/B	2.91×	2.53×	3.13×	0.21×	-0.99×	-0.69×	-0.26×	-0.12×
P/S	2.62×	2.53×	2.62×	0.21×	0.25×	0.21×	0.11×	0.07×
EV / EBITDA	15.06×	15.77×	16.2×	4.84×	7.31×	6.79×	7.82×	10.9×
Gross margin	46.0%	44.8%	45.5%	41.9%	37.0%	40.1%	44.5%	46.4%
Operating margin	11.4%	8.0%	8.2%	6.9%	-1.0%	5.2%	2.6%	-1.2%
Net margin	9.6%	17.0%	3.7%	2.1%	4.3%	5.6%	15.9%	3.9%
Current ratio	1.21×	1.15×	1.28×	1×	1.12×	1.24×	1.19×	1.27×
Debt / equity	0.5×	0.64×	0.76×	0.92×	-3.74×	-3.43×	-2.83×	-2.08×
Interest coverage	3.89×	2.04×	1.84×	1.64×	-0.22×	1.02×	0.45×	-0.19×
Dividend yield	2.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	56.4%	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	10.6%	17.0%	4.4%	2.1%	-17.3%	-17.9%	-37.0%	-6.4%
Return on invested capital	5.1%	4.3%	2.9%	1.2%	-0.7%	3.4%	2.5%	-0.6%
Return on assets	4.6%	7.1%	1.6%	0.7%	3.3%	4.1%	10.7%	3.0%
Free cash flow yield	1.3%	-3.6%	-2.7%	-390.1%	19.5%	17.2%	12.9%	16.7%
Earnings yield	3.6%	6.7%	1.4%	10.1%	17.4%	26.2%	142.2%	52.4%
Enterprise value	€186.4M	€162M	€157.6M	€27.1M	€45.6M	€46.2M	€42.7M	€41.1M
Net debt / EBITDA	1.8×	2.75×	2.46×	3.36×	5.73×	5.62×	7.14×	10.27×
Cash conversion cycle (days)	277	267	220	195	180	188	144	10