Neurones S.A. (NRO.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

+39.1%

€54.12

vs €38.90 price

Levered DCF

€64.62

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

4.64

Safe zone

Rating

Overall 4 / 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	20.12×	20.25×	21.55×	21.45×	24.36×	18.43×	16.22×	17.66×
P/B	3.11×	2.82×	2.99×	2.88×	2.95×	1.76×	1.68×	1.72×
P/S	1.45×	1.32×	1.43×	1.43×	1.59×	1.08×	0.98×	0.94×
EV / EBITDA	10.41×	8.19×	8.35×	8.05×	9.04×	6.66×	4.5×	5.29×
Gross margin	10.5%	48.0%	46.8%	12.3%	12.0%	13.1%	42.5%	40.4%
Operating margin	8.4%	9.6%	10.2%	11.0%	10.6%	9.9%	10.5%	9.4%
Net margin	6.1%	6.5%	6.7%	6.6%	6.5%	5.9%	6.0%	5.3%
Current ratio	2.43×	2.33×	2.38×	2.45×	2.51×	2.78×	2.64×	2.53×
Debt / equity	0.09×	0.11×	0.12×	0.11×	0.11×	0.11×	0.11×	0×
Interest coverage	60.43×	47.36×	52.9×	42.8×	63.74×	50.85×	44.26×	83.87×
Dividend yield	2.5%	2.7%	2.5%	2.5%	5.3%	0.9%	0.3%	0.3%
Payout ratio	60.7%	55.5%	53.9%	54.8%	128.4%	15.7%	4.7%	5.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.0%	13.9%	13.9%	13.4%	12.1%	9.6%	10.4%	9.7%
Return on invested capital	10.6%	11.5%	12.0%	12.4%	11.0%	8.6%	9.7%	9.6%
Return on assets	7.0%	7.2%	7.3%	7.2%	6.6%	5.6%	6.0%	5.8%
Free cash flow yield	5.7%	6.8%	5.1%	4.7%	6.3%	10.9%	10.7%	5.3%
Earnings yield	4.2%	4.9%	4.7%	4.7%	4.1%	5.5%	6.2%	5.7%
Enterprise value	€940.5M	€782.3M	€806.6M	€714.3M	€690.3M	€457.9M	€313.2M	€284.1M
Net debt / EBITDA	-3.36×	-2.98×	-2.63×	-2.67×	-3.01×	-1.59×	-2.69×	-3.25×
Cash conversion cycle (days)	65	47	62	79	78	96	76	89