Paref S.A. (PAR.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

-266.5%

-€39.95

vs €24.00 price

Levered DCF

€14.55

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.23

Distress zone

Rating

B-

Overall 2 / 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	-4.12×	-10.92×	-4.26×	24.72×	6.67×	11×	9.05×	8.77×
P/B	0.5×	0.53×	0.58×	0.69×	0.5×	0.65×	0.92×	0.83×
P/S	1.63×	2.25×	2.47×	2.27×	2.25×	2.46×	2.81×	2.72×
EV / EBITDA	-20.81×	25.48×	-11.98×	22.52×	9.47×	13.36×	10.44×	6.71×
Gross margin	55.6%	84.8%	100.0%	93.4%	89.5%	89.8%	92.3%	90.6%
Operating margin	6.3%	-3.7%	-54.1%	9.9%	30.1%	27.0%	34.2%	43.2%
Net margin	-39.6%	-20.6%	-58.0%	9.2%	33.7%	22.4%	31.1%	31.0%
Current ratio	53.17×	0.44×	1.29×	1.28×	1.62×	1.32×	2.09×	2.23×
Debt / equity	0.8×	0.72×	0.59×	0.43×	0.42×	0.48×	0.6×	0.28×
Interest coverage	0.47×	-0.21×	-3.99×	3.67×	9.07×	6.97×	7.18×	7.91×
Dividend yield	4.6%	3.8%	6.5%	7.1%	4.7%	2.1%	4.6%	4.2%
Payout ratio	-19.2%	-42.0%	-27.6%	175.6%	31.4%	22.8%	41.2%	36.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-12.1%	-4.8%	-13.6%	2.8%	7.6%	5.9%	10.2%	9.5%
Return on invested capital	1.0%	-0.5%	-7.9%	1.9%	4.7%	4.4%	6.3%	8.7%
Return on assets	-6.0%	-2.5%	-7.8%	1.8%	5.0%	3.7%	5.9%	6.8%
Free cash flow yield	-0.9%	12.7%	4.6%	7.1%	5.6%	10.2%	-11.8%	8.5%
Earnings yield	-24.3%	-9.2%	-23.5%	4.1%	15.0%	9.1%	11.1%	11.4%
Enterprise value	€119M	€128.6M	€134.1M	€152.1M	€125.8M	€148.5M	€184.8M	€109.8M
Net debt / EBITDA	-12.26×	13.82×	-5.72×	7.78×	3.93×	5.3×	3.55×	0.39×
Cash conversion cycle (days)	163	59	-117	35	-301	102	101	-971