Klépierre S.A. (LI.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

-18.6%

€29.02

vs €35.64 price

Levered DCF

€27.10

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.14

Distress zone

Rating

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	7.43×	7.24×	36.96×	14.85×	10.92×	-6.69×	30.5×	9.63×
P/B	1.04×	0.92×	0.88×	0.73×	0.71×	0.64×	1.02×	0.78×
P/S	5.84×	5.28×	4.72×	4.06×	4.49×	3.77×	6.16×	4.88×
EV / EBITDA	9.18×	9.09×	29.18×	14.45×	17.59×	16.13×	22.01×	12.79×
Gross margin	72.2%	75.4%	73.0%	72.9%	70.6%	65.7%	74.5%	75.1%
Operating margin	62.0%	102.1%	63.0%	62.0%	59.5%	55.8%	64.1%	62.8%
Net margin	78.5%	73.0%	12.9%	27.5%	41.1%	-56.4%	20.1%	50.6%
Current ratio	0.69×	0.44×	0.39×	0.3×	0.43×	0.33×	0.35×	0.28×
Debt / equity	0.94×	0.93×	0.98×	0.95×	1.08×	1.21×	1×	0.89×
Interest coverage	3.59×	6.03×	4.55×	6.36×	5.82×	3.95×	5.58×	5.8×
Dividend yield	5.5%	6.1%	3.7%	7.9%	0.0%	11.9%	6.2%	7.3%
Payout ratio	40.7%	44.2%	134.1%	116.9%	0.0%	-79.9%	190.7%	70.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.9%	12.8%	2.4%	5.0%	6.5%	-9.6%	3.3%	8.1%
Return on invested capital	4.2%	6.6%	3.1%	4.1%	3.8%	3.3%	4.1%	4.0%
Return on assets	5.8%	5.2%	1.0%	2.0%	2.5%	-3.4%	1.3%	3.4%
Free cash flow yield	7.5%	9.8%	10.5%	10.4%	10.3%	8.8%	6.0%	12.5%
Earnings yield	13.4%	13.8%	2.7%	6.8%	9.2%	-14.9%	3.3%	10.4%
Enterprise value	€17.6B	€15.5B	€14.6B	€13.8B	€14.4B	€14.7B	€19.2B	€17B
Net debt / EBITDA	4.14×	4.44×	15.05×	8.01×	10.3×	10.37×	10.62×	6.72×
Cash conversion cycle (days)	-2	-73	-30	7	-32	-21	34	-9