Cheops Technology France S.A. (MLCHE.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

+37.4%

€78.31

vs €57.00 price

Levered DCF

-€0.12

After debt service

Piotroski score

—

Altman Z-score

—

Rating

—

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	19.61×	19.77×	21.24×	30.59×	17.83×	16.1×	21.61×	15.66×
P/B	4.16×	5.03×	6.13×	8.55×	3.4×	2.92×	4.01×	0×
P/S	0.9×	0.88×	0.95×	1.4×	0.86×	0.68×	0.87×	0.61×
EV / EBITDA	10.95×	11.27×	13.98×	15.93×	8.23×	7.21×	11.5×	0×
Gross margin	16.5%	16.0%	100.0%	17.9%	19.0%	16.7%	16.0%	6.0%
Operating margin	6.7%	6.4%	5.7%	7.0%	7.8%	6.1%	5.8%	6.0%
Net margin	4.6%	4.5%	4.5%	4.6%	4.8%	4.2%	4.0%	3.9%
Current ratio	1.47×	1.39×	1.22×	1.11×	1.48×	1.34×	1.39×	0×
Debt / equity	0.28×	0.41×	0.13×	0.22×	0.23×	0.1×	0.16×	0×
Interest coverage	21.03×	48.65×	210.77×	152.24×	110.79×	305.28×	340.09×	0×
Dividend yield	0.0%	2.4%	2.3%	8.3%	1.7%	9.0%	3.5%	0.0%
Payout ratio	0.0%	47.6%	48.3%	253.6%	29.7%	144.5%	75.1%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	21.2%	25.4%	28.9%	28.0%	19.1%	18.1%	18.5%	0.0%
Return on invested capital	18.5%	25.9%	29.5%	24.7%	17.9%	17.8%	17.2%	0.0%
Return on assets	7.5%	8.4%	9.2%	8.1%	7.4%	6.9%	7.1%	0.0%
Free cash flow yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings yield	5.1%	5.1%	4.7%	3.3%	5.6%	6.2%	4.6%	6.4%
Enterprise value	€148.6M	€141.8M	€141M	€168.6M	€83.7M	€60.1M	€86.9M	€0
Net debt / EBITDA	0.02×	0.03×	-0.84×	-1.02×	-1.81×	-1.9×	-1.59×	0×
Cash conversion cycle (days)	35	25	-44	1	5	16	20	0