LNA Santé S.A. (LNA.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

+1730.9%

€430.26

vs €23.50 price

Levered DCF

€299.22

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.77

Distress 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	10.43×	11.31×	8.93×	11.89×	20.53×	60.8×	22.94×	19.53×
P/B	0.76×	0.82×	0.7×	1.06×	2.23×	2.5×	2.53×	2.14×
P/S	0.28×	0.32×	0.28×	0.42×	0.7×	0.82×	0.91×	0.78×
EV / EBITDA	7.45×	7.73×	7.05×	7.51×	9.71×	12.23×	10.42×	11.79×
Gross margin	14.5%	11.3%	32.8%	85.5%	83.8%	83.8%	84.0%	75.3%
Operating margin	6.6%	8.6%	8.6%	8.8%	8.1%	6.5%	10.3%	7.8%
Net margin	2.6%	2.7%	3.2%	3.5%	3.4%	1.4%	3.9%	4.0%
Current ratio	0.91×	0.91×	0.94×	0.64×	0.65×	0.54×	0.96×	1.09×
Debt / equity	2.75×	2.98×	2.97×	3.15×	4.65×	5.15×	4.32×	1.6×
Interest coverage	2.02×	2.38×	2.31×	3.03×	2.79×	1.86×	3.03×	6.36×
Dividend yield	2.7%	2.4%	2.4%	1.5%	0.4%	0.9%	0.8%	0.7%
Payout ratio	27.6%	28.1%	21.8%	17.5%	8.1%	55.2%	17.6%	14.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.3%	7.0%	7.8%	8.9%	10.9%	4.1%	11.0%	10.9%
Return on invested capital	2.9%	3.4%	3.2%	3.1%	2.6%	1.3%	3.0%	4.6%
Return on assets	1.5%	1.4%	1.6%	1.7%	1.5%	0.5%	1.7%	3.0%
Free cash flow yield	23.6%	27.6%	40.5%	29.3%	13.7%	28.1%	23.3%	9.1%
Earnings yield	9.6%	8.5%	11.2%	8.4%	4.9%	1.7%	4.4%	5.1%
Enterprise value	€1.1B	€1.1B	€1B	€1.1B	€1.3B	€1.3B	€1.2B	€613.7M
Net debt / EBITDA	5.69×	5.95×	5.6×	5.45×	6.2×	7.86×	6.11×	3.71×
Cash conversion cycle (days)	89	88	89	156	136	179	329	166