OVH Groupe S.A. (OVH.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

+286.4%

€49.46

vs €12.80 price

Levered DCF

-€12.42

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.28

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	244.44×	4,250×	-123.4×	-44.71×	-84.9×	-98.52×	-281.89×	-78.82×
P/B	30.84×	59.77×	3.23×	4.39×	5.18×	30.59×	26.47×	11.66×
P/S	2.01×	1.55×	1.28×	2.01×	3.08×	4.87×	5.04×	5.71×
EV / EBITDA	4.31×	7.28×	5.68×	8.42×	11.45×	16.87×	15.87×	19.62×
Gross margin	67.3%	22.2%	18.7%	60.4%	53.5%	52.1%	54.8%	50.9%
Operating margin	6.8%	8.2%	2.9%	-1.3%	1.1%	1.0%	4.8%	-2.5%
Net margin	0.8%	0.0%	-1.0%	-4.5%	-3.6%	-4.9%	-1.8%	-7.0%
Current ratio	0.45×	0.46×	0.45×	0.47×	0.51×	0.53×	0.61×	0.44×
Debt / equity	18.21×	50.11×	2.19×	1.91×	1.29×	7.22×	5.54×	1.38×
Interest coverage	1.36×	1.27×	0.66×	-0.34×	0.4×	0.17×	1×	-0.83×
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	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	12.6%	1.4%	-2.6%	-9.8%	-6.1%	-30.6%	-9.4%	-14.4%
Return on invested capital	2.4%	0.6%	2.2%	-1.0%	0.7%	0.7%	3.7%	-2.0%
Return on assets	0.5%	0.0%	-0.6%	-2.5%	-2.0%	-2.6%	-1.1%	-4.6%
Free cash flow yield	-0.0%	0.7%	2.0%	-1.6%	-7.4%	-2.3%	-0.3%	-1.5%
Earnings yield	0.4%	0.0%	-0.8%	-2.2%	-1.2%	-1.0%	-0.4%	-1.2%
Enterprise value	€3.6B	€3.1B	€2.1B	€2.5B	€3B	€3.9B	€3.8B	€3.7B
Net debt / EBITDA	1.56×	3.26×	2.23×	2.44×	2.17×	3.03×	2.43×	1.95×
Cash conversion cycle (days)	-93	-24	-22	-102	-93	-97	-86	-23