Publicis Groupe S.A. (PUB.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

+234.2%

€336.22

vs €100.60 price

Levered DCF

€387.60

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.39

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	13.47×	15.56×	16.06×	12.2×	14.33×	16.98×	11.24×	12.49×
P/B	2.13×	2.33×	2.15×	1.55×	1.71×	1.36×	1.28×	1.68×
P/S	1.28×	1.61×	1.42×	1.05×	1.25×	0.91×	0.86×	1.15×
EV / EBITDA	7.53×	8.68×	8.21×	5.72×	7.08×	6.57×	6.72×	8.34×
Gross margin	100.0%	43.3%	43.2%	14.5%	12.2%	12.9%	14.3%	43.2%
Operating margin	14.9%	13.8%	11.8%	14.5%	12.2%	12.9%	14.3%	15.6%
Net margin	9.5%	10.3%	8.9%	8.6%	8.7%	5.3%	7.6%	9.2%
Current ratio	0.97×	0.91×	0.94×	0.94×	0.94×	0.9×	0.88×	0.94×
Debt / equity	0.54×	0.47×	0.57×	0.64×	0.67×	0.93×	1.14×	0.72×
Interest coverage	12.87×	10.75×	8.74×	10.05×	7.75×	5.32×	7.31×	10.62×
Dividend yield	4.1%	3.3%	3.4%	4.0%	1.5%	1.0%	3.0%	1.8%
Payout ratio	54.6%	51.4%	55.3%	49.3%	22.1%	17.7%	33.9%	22.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.8%	15.0%	13.4%	12.7%	12.0%	8.0%	11.4%	13.4%
Return on invested capital	11.4%	9.8%	8.3%	9.2%	7.3%	7.1%	6.8%	9.5%
Return on assets	4.1%	4.2%	3.6%	3.4%	3.1%	1.9%	2.6%	3.4%
Free cash flow yield	12.2%	8.0%	8.9%	14.8%	10.7%	27.5%	22.4%	15.1%
Earnings yield	7.4%	6.4%	6.2%	8.2%	7.0%	5.9%	8.9%	8.0%
Enterprise value	€23.9B	€27.4B	€22B	€16.5B	€16.8B	€12.7B	€14.5B	€13.2B
Net debt / EBITDA	0.51×	0.49×	0.35×	0.55×	0.87×	1.52×	2.33×	1.08×
Cash conversion cycle (days)	372	-362	-345	-104	-102	-140	-130	-396