Nr21 S.A. (NR21.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

+89.4%

€78.05

vs €41.20 price

Levered DCF

€0.05

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

126.68

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	19.21×	12.31×	20.69×	-102.4×	-82.95×	-4.9×	-11.68×	-4.09×
P/B	0.48×	0.44×	0.7×	1.71×	2.28×	-3.56×	-18.41×	26.36×
P/S	0×	0×	0×	0×	0×	0×	0×	0×
EV / EBITDA	-23.76×	11.9×	20.7×	-102.19×	-46.58×	-6.1×	-12.62×	-2.77×
Gross margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Operating margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Net margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Current ratio	201.47×	239.91×	169.62×	441.78×	288.03×	0.75×	0.74×	1.11×
Debt / equity	0×	0×	0×	0×	0×	-0.92×	-3.31×	0×
Interest coverage	0×	-25.22×	0×	0×	-1,526.22×	-65.13×	-916.11×	-5.31×
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	2.5%	3.6%	3.4%	-1.4%	-2.8%	73.7%	157.5%	-643.6%
Return on invested capital	-2.0%	-2.0%	-1.9%	-2.0%	-2.6%	-83.3%	-68.0%	-543.0%
Return on assets	2.4%	3.5%	3.3%	-1.4%	-2.7%	-316.0%	-54.4%	-62.1%
Free cash flow yield	-4.0%	-4.8%	12.9%	-0.9%	-1.7%	-9.0%	-18.8%	0.0%
Earnings yield	5.2%	8.1%	4.8%	-0.8%	-1.2%	-20.7%	-8.6%	-24.4%
Enterprise value	€2.9M	€2.6M	€4M	€9.4M	€7.2M	€1.2M	€1.5M	€965.4K
Net debt / EBITDA	0.03×	-0.13×	-0.01×	-0×	36.45×	-1.04×	-0.91×	0.43×
Cash conversion cycle (days)	0	0	0	-42	-49	-229	0	-377