Phone Web S.A. (MLPHW.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

+149.5%

€2.02

vs €0.81 price

Levered DCF

€0.14

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	7.82×	7.73×	5.14×	7×	10.37×	10.12×	6.92×	6.59×
P/B	0.5×	0.84×	0.62×	0.9×	0.91×	0.73×	0×	1.05×
P/S	0.44×	0.66×	0.42×	0.58×	0.56×	0.51×	0.51×	0.49×
EV / EBITDA	7.04×	-0.67×	2.09×	2.79×	4.54×	6.61×	0×	3.93×
Gross margin	6.5%	87.3%	84.8%	82.8%	10.3%	0.6%	9.3%	81.6%
Operating margin	4.9%	11.0%	12.4%	11.9%	8.8%	0.6%	9.3%	7.1%
Net margin	5.6%	8.3%	8.2%	8.4%	5.4%	5.1%	7.1%	7.7%
Current ratio	5.06×	4.72×	4.26×	3.37×	3.09×	3.24×	0×	3.09×
Debt / equity	0.03×	0.02×	0.03×	0.02×	0.03×	0.04×	0×	0.07×
Interest coverage	0×	0×	0×	0×	0×	0×	0×	14×
Dividend yield	8.5%	5.2%	6.9%	3.8%	0.0%	0.0%	5.6%	0.0%
Payout ratio	66.6%	41.0%	35.2%	26.5%	0.0%	0.0%	40.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.3%	10.6%	12.2%	12.9%	8.8%	7.2%	0.0%	16.3%
Return on invested capital	4.4%	10.4%	13.3%	13.5%	9.1%	0.0%	0.0%	13.1%
Return on assets	5.1%	8.4%	9.3%	9.2%	6.2%	5.0%	0.0%	10.4%
Free cash flow yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings yield	12.8%	12.6%	19.7%	14.4%	9.6%	9.9%	13.9%	15.5%
Enterprise value	€572.8K	-€132.7K	€448.3K	€700.9K	€730.7K	€690.2K	€0	€549.8K
Net debt / EBITDA	-1.67×	-6.66×	-1.69×	-1.91×	-2.17×	-0.95×	0×	-2.12×
Cash conversion cycle (days)	39	34	60	-2	66	98	0	18