Lagardere S.A. (MMB.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

+2549.1%

€486.90

vs €18.38 price

Levered DCF

€341.19

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.31

Distress 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	13.15×	17.06×	18.3×	17.43×	-32.51×	-4.01×	-161.92×	16.19×
P/B	3.01×	2.93×	3.15×	3.13×	4.03×	3.65×	1.65×	1.67×
P/S	0.28×	0.32×	0.32×	0.4×	0.64×	0.59×	0.34×	0.41×
EV / EBITDA	4.78×	5.43×	6.47×	7.07×	9.05×	24.87×	5.78×	7.21×
Gross margin	7.0%	6.5%	41.7%	4.8%	-0.5%	-8.6%	4.8%	41.2%
Operating margin	7.1%	6.2%	14.2%	4.8%	-0.1%	-9.8%	5.3%	4.1%
Net margin	2.2%	1.9%	1.8%	2.3%	-2.0%	-14.7%	-0.2%	2.5%
Current ratio	0.79×	0.77×	0.56×	0.84×	0.92×	0.81×	0.9×	0.86×
Debt / equity	5.77×	5.01×	5.91×	5.1×	5.38×	6.46×	3.59×	2.82×
Interest coverage	2.48×	2.14×	5.79×	2.35×	-0.02×	-3.17×	2.69×	2.14×
Dividend yield	3.6%	3.2%	6.9%	2.5%	0.0%	0.0%	6.8%	6.0%
Payout ratio	46.8%	54.8%	127.1%	43.5%	0.0%	0.0%	-1146.7%	96.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	22.9%	17.2%	17.2%	17.9%	-12.4%	-91.0%	-1.0%	10.3%
Return on invested capital	6.9%	5.2%	12.3%	4.5%	-0.1%	-6.9%	3.6%	2.4%
Return on assets	2.1%	1.8%	1.5%	1.8%	-1.2%	-7.8%	-0.1%	1.6%
Free cash flow yield	36.7%	34.7%	27.0%	15.2%	17.8%	-1.5%	33.5%	25.5%
Earnings yield	7.6%	5.9%	5.5%	5.7%	-3.1%	-24.9%	-0.6%	6.2%
Enterprise value	€7.2B	€7.4B	€7.1B	€6.6B	€6.7B	€6.6B	€7.1B	€7B
Net debt / EBITDA	3×	3.32×	4.07×	4.04×	4.63×	14.96×	3.72×	4.26×
Cash conversion cycle (days)	21	-8	20	25	57	76	44	17