Pacte Novation (MLPAC.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

-152.9%

-€3.81

vs €7.20 price

Levered DCF

-€1.38

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	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
P/E	-25.81×	142.63×	15.17×	59.55×	37.5×	4.82×	8.36×	7×
P/B	1.89×	1.94×	2×	1.68×	1.19×	1.1×	1.42×	0.88×
P/S	0.52×	0.54×	0.54×	0.45×	0.3×	0.21×	0.26×	0.12×
EV / EBITDA	-17.79×	35.89×	16.6×	9.75×	8.69×	1.47×	1.98×	1.16×
Gross margin	43.3%	19.1%	68.1%	72.6%	74.5%	75.2%	80.8%	85.0%
Operating margin	-1.1%	0.5%	5.5%	1.5%	1.6%	5.4%	5.3%	2.1%
Net margin	-2.0%	0.4%	3.6%	0.8%	0.8%	4.5%	3.1%	1.7%
Current ratio	1.76×	1.97×	1.8×	2.27×	2.1×	1.81×	1.64×	1.49×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	0×	4.63×	37.12×	13.13×	10.82×	24.52×	14.83×	5.47×
Dividend yield	0.0%	0.0%	0.0%	0.3%	0.0%	0.8%	0.0%	0.0%
Payout ratio	0.0%	3.2%	0.3%	18.7%	0.0%	4.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Return on equity	-7.3%	1.4%	13.1%	3.0%	3.3%	22.9%	16.9%	12.7%
Return on invested capital	-3.4%	1.7%	13.1%	3.1%	4.8%	19.3%	13.3%	10.3%
Return on assets	-3.2%	0.6%	5.8%	1.3%	1.5%	9.2%	5.6%	3.6%
Free cash flow yield	-11.0%	-24.0%	8.3%	12.9%	-7.4%	14.1%	17.2%	21.4%
Earnings yield	-3.9%	0.7%	6.6%	1.8%	2.8%	20.9%	11.9%	14.4%
Enterprise value	€1.9M	€2.4M	€2.5M	€1.7M	€1M	€669K	€941.3K	€318K
Net debt / EBITDA	21.22×	-31×	-13.74×	-9.95×	-10.7×	-3.04×	-2.33×	-2.51×
Cash conversion cycle (days)	6	69	20	41	46	42	46	14