Artmarket.com (PRC.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

-71.5%

€0.93

vs €3.25 price

Levered DCF

€1.21

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.13

Grey 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	17,700×	43.71×	39×	54.62×	77×	61.17×	67.93×	95.73×
P/B	0.76×	0.86×	1.07×	1.54×	2.4×	2.46×	3.33×	5.28×
P/S	2.77×	3.32×	4.11×	6.04×	9.26×	6.26×	7.57×	11.74×
EV / EBITDA	346.93×	20.03×	21.63×	42.25×	38.95×	27.01×	33.98×	54.94×
Gross margin	-0.6%	98.5%	98.7%	12.3%	14.8%	20.6%	16.5%	80.8%
Operating margin	-3.7%	6.5%	10.5%	9.3%	11.9%	17.8%	13.3%	14.5%
Net margin	0.0%	7.6%	10.3%	9.3%	12.0%	10.2%	11.0%	12.3%
Current ratio	2.05×	2.4×	2.49×	2.74×	2.64×	12.53×	6.8×	8.03×
Debt / equity	0×	0.01×	0.01×	0.01×	0.02×	0.03×	0.02×	0×
Interest coverage	-0.23×	2.47×	20.07×	104.43×	102.67×	230.83×	158.29×	393.33×
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	0.0%	2.0%	2.7%	2.4%	3.1%	4.0%	4.9%	5.6%
Return on invested capital	-0.0%	1.1%	1.7%	1.6%	1.9%	4.5%	3.9%	5.1%
Return on assets	0.0%	1.4%	2.0%	1.7%	2.2%	3.6%	4.4%	5.2%
Free cash flow yield	0.0%	3.3%	2.5%	0.9%	1.7%	2.1%	-0.4%	0.1%
Earnings yield	0.0%	2.3%	2.5%	1.5%	1.3%	1.6%	1.5%	1.1%
Enterprise value	€21.9M	€25.4M	€31.3M	€44.7M	€69.7M	€48M	€63.5M	€95.5M
Net debt / EBITDA	-26.83×	-1.88×	-1.64×	-2.34×	-1.15×	-0.45×	0.13×	-0.02×
Cash conversion cycle (days)	-3	-1,553	-684	-14	-21	-21	-16	-64