Memscap, S.a. (MEMS.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

+32.9%

€6.54

vs €4.92 price

Levered DCF

€4.92

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

4.15

Safe 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	34.42×	28.11×	20.76×	9.93×	-30.23×	-16.62×	-400×	55.34×
P/B	1.67×	2.13×	2.55×	0.67×	0.63×	0.58×	0.77×	0.88×
P/S	2.66×	3.07×	3.2×	1.11×	1.16×	0.81×	1×	1.13×
EV / EBITDA	22.26×	16.91×	15.1×	9.59×	8.25×	14.4×	11.28×	27.64×
Gross margin	41.4%	39.7%	42.9%	39.4%	42.5%	23.1%	31.8%	34.5%
Operating margin	5.4%	9.3%	17.6%	2.5%	6.8%	-5.3%	-2.9%	0.3%
Net margin	7.5%	10.9%	15.2%	11.2%	-3.8%	-4.9%	-0.3%	2.0%
Current ratio	4.96×	3.7×	3.05×	2.98×	2.22×	2.52×	2.76×	2.48×
Debt / equity	0.24×	0.28×	0.32×	0.34×	0.39×	0.42×	0.4×	0.43×
Interest coverage	1.83×	6.77×	16.97×	1.67×	4.03×	-3.93×	-1.97×	0.19×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	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	4.7%	7.5%	12.1%	6.7%	-2.1%	-3.5%	-0.2%	1.6%
Return on invested capital	2.7%	4.9%	10.4%	0.7%	2.4%	-2.7%	0.5%	0.1%
Return on assets	3.5%	5.3%	8.1%	4.5%	-1.3%	-2.2%	-0.1%	1.0%
Free cash flow yield	4.0%	0.9%	3.1%	-1.6%	15.8%	10.6%	4.4%	1.8%
Earnings yield	2.8%	3.5%	4.8%	10.1%	-3.3%	-6.0%	-0.2%	1.8%
Enterprise value	€31.9M	€39.9M	€45.9M	€13.9M	€13.5M	€12.6M	€17.3M	€19.5M
Net debt / EBITDA	0.01×	0.46×	0.3×	2.43×	2.18×	4.01×	2.94×	6.91×
Cash conversion cycle (days)	286	205	176	129	81	133	165	146