Etablissements Maurel & Prom S.A. (MAU.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

+55.5%

€11.92

vs €7.67 price

Levered DCF

€14.54

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.65

Distress zone

Rating

S-

Overall 5 / 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	3.05×	5.03×	6.4×	4.17×	4.25×	-0.71×	16.66×	12.32×
P/B	0.87×	1×	1.32×	0.98×	0.76×	0.77×	0.55×	0.64×
P/S	2.17×	1.45×	1.97×	1.24×	1.02×	1.27×	1.23×	1.79×
EV / EBITDA	4.42×	3.36×	4.57×	2.43×	3.04×	13.56×	4.36×	4.71×
Gross margin	33.0%	50.4%	58.6%	89.3%	83.7%	25.5%	100.0%	51.3%
Operating margin	22.0%	31.9%	28.3%	52.1%	31.6%	-161.8%	13.9%	31.8%
Net margin	70.9%	28.8%	30.8%	30.3%	24.0%	-178.6%	7.4%	14.7%
Current ratio	1.82×	1.27×	1.25×	1.07×	0.93×	1.14×	1.36×	2.1×
Debt / equity	0.19×	0.14×	0.22×	0.4×	0.79×	1.15×	0.62×	0.63×
Interest coverage	7.98×	14.09×	8.38×	19.52×	11.09×	-33.75×	2.72×	4.36×
Dividend yield	5.9%	5.5%	3.7%	3.5%	0.0%	0.0%	1.4%	0.0%
Payout ratio	18.0%	27.8%	23.5%	14.2%	0.0%	0.0%	23.5%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	28.5%	19.9%	20.6%	23.9%	17.7%	-109.1%	3.3%	5.2%
Return on invested capital	4.8%	10.8%	7.8%	14.1%	8.0%	-36.6%	1.1%	1.8%
Return on assets	17.2%	11.5%	11.3%	12.2%	7.1%	-35.3%	1.5%	2.4%
Free cash flow yield	-1.7%	11.2%	9.3%	31.3%	22.7%	3.7%	-3.3%	6.9%
Earnings yield	32.6%	19.9%	15.7%	24.3%	23.5%	-140.9%	6.0%	8.2%
Enterprise value	€1.1B	€1.1B	€1.5B	€1B	€851.5M	€872.4M	€1.1B	€1.1B
Net debt / EBITDA	-0.68×	-0.07×	0.4×	0.48×	1.22×	7.06×	1.88×	1.75×
Cash conversion cycle (days)	-20	-3	-30	-257	-152	6	104	1