Fiducial Real Estate S.A. (ORIA.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

+30.5%

€211.37

vs €162.00 price

Levered DCF

€138.74

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.05

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	17.4×	13.13×	14×	12.95×	14.7×	16.85×	15.27×	17.42×
P/B	0.9×	0.85×	0.93×	0.99×	1.05×	1.06×	1.27×	1.35×
P/S	4.68×	4.94×	4.92×	5.39×	5.46×	5.08×	5.57×	5.91×
EV / EBITDA	15.05×	9.79×	11.39×	11.79×	12.12×	13.95×	14.34×	15.18×
Gross margin	100.0%	60.2%	58.5%	99.0%	100.0%	58.0%	56.5%	57.2%
Operating margin	45.2%	44.1%	42.8%	43.3%	43.7%	43.0%	41.3%	42.5%
Net margin	26.9%	37.6%	35.2%	41.6%	37.2%	30.1%	36.5%	33.9%
Current ratio	1.92×	2.03×	2.15×	2.33×	2.46×	3.37×	3.42×	3.63×
Debt / equity	0.45×	0.25×	0.41×	0.43×	0.48×	0.64×	0.75×	0.82×
Interest coverage	8.04×	0×	6.57×	8.01×	0×	6.05×	5.07×	4.19×
Dividend yield	2.2%	1.9%	1.5%	1.3%	0.0%	0.0%	1.0%	0.9%
Payout ratio	37.8%	24.5%	20.7%	17.2%	0.5%	0.5%	15.3%	15.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.2%	6.5%	6.6%	7.6%	7.1%	6.3%	8.3%	7.8%
Return on invested capital	3.6%	5.0%	5.2%	5.0%	5.0%	4.9%	4.6%	4.6%
Return on assets	3.1%	4.6%	4.5%	5.0%	4.3%	3.5%	4.3%	3.9%
Free cash flow yield	-4.7%	6.6%	3.4%	8.7%	4.9%	5.7%	3.9%	0.3%
Earnings yield	5.7%	7.6%	7.1%	7.7%	6.8%	5.9%	6.5%	5.7%
Enterprise value	€593M	€534M	€626.7M	€633M	€620.1M	€628.3M	€696.8M	€703.4M
Net debt / EBITDA	4.7×	1.96×	3.23×	3.29×	3.53×	4.79×	4.9×	5.33×
Cash conversion cycle (days)	129	60	-42	-953	52	134	97	138