Linedata Services S.A. (LIN.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

+208.7%

€147.56

vs €47.80 price

Levered DCF

€154.57

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.49

Distress 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	15.07×	15.04×	10.82×	10.72×	8.82×	9.16×	9.93×	11.05×
P/B	1.84×	3.05×	2.44×	2.87×	1.71×	1.53×	1.49×	1.92×
P/S	1.31×	2.3×	1.5×	1.64×	1.56×	1.15×	1.04×	1.25×
EV / EBITDA	7.85×	8.62×	6.93×	7.27×	5.7×	5.5×	5.7×	6.56×
Gross margin	34.5%	35.7%	32.0%	33.0%	37.3%	34.3%	78.6%	77.5%
Operating margin	13.6%	21.7%	20.7%	19.8%	24.0%	20.3%	17.5%	16.5%
Net margin	8.7%	15.3%	13.9%	15.3%	17.7%	12.6%	10.5%	11.3%
Current ratio	0.84×	1.1×	1.11×	0.99×	1.27×	1.18×	0.91×	1.06×
Debt / equity	0.77×	0.73×	1.06×	1.31×	0.69×	0.94×	0.9×	0.88×
Interest coverage	7.85×	8.82×	7.93×	15.56×	17.99×	11.91×	10.37×	10.18×
Dividend yield	3.9%	2.1%	3.1%	3.5%	3.5%	3.4%	5.1%	4.4%
Payout ratio	58.7%	30.9%	34.0%	37.3%	30.5%	30.8%	50.7%	49.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.2%	20.3%	22.6%	26.7%	19.4%	16.7%	15.0%	17.4%
Return on invested capital	7.2%	11.3%	11.1%	10.2%	10.4%	9.4%	7.9%	9.0%
Return on assets	4.9%	8.7%	8.2%	8.6%	8.9%	6.8%	6.1%	7.1%
Free cash flow yield	6.1%	10.0%	11.5%	13.1%	14.6%	13.9%	13.9%	12.0%
Earnings yield	6.6%	6.6%	9.2%	9.3%	11.3%	10.9%	10.1%	9.0%
Enterprise value	€299.6M	€485.8M	€365.4M	€388.5M	€311.9M	€269.7M	€266.8M	€295.1M
Net debt / EBITDA	2.05×	1.12×	1.7×	1.96×	1.14×	1.71×	1.92×	1.73×
Cash conversion cycle (days)	48	48	72	32	52	56	-26	-392