Fiducial Office Solutions (SACI.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

+74.0%

€62.63

vs €36.00 price

Levered DCF

€47.74

After debt service

Piotroski score

1 / 9

Weak

Altman Z-score

2.31

Grey zone

Rating

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	-19.85×	25.05×	22.81×	32.18×	24.5×	47×	36.15×	44×
P/B	0.75×	0.74×	0.74×	0.77×	0.77×	0.82×	0.84×	0.83×
P/S	0.32×	0.29×	0.27×	0.28×	0.31×	0.35×	0.32×	0.33×
EV / EBITDA	15.12×	6.66×	6.08×	11.34×	7.3×	8.82×	19.84×	24.98×
Gross margin	35.6%	37.3%	1.1%	1.5%	1.3%	1.2%	36.5%	35.4%
Operating margin	-1.5%	0.9%	2.2%	1.3%	2.3%	1.0%	1.2%	1.1%
Net margin	-1.6%	1.2%	1.2%	0.9%	1.3%	0.7%	0.9%	0.7%
Current ratio	1.43×	1.54×	1.39×	1.29×	1.24×	1.28×	1.18×	1.23×
Debt / equity	0.14×	0.07×	0.14×	0.1×	0.27×	0.08×	0.04×	0.04×
Interest coverage	0×	0×	45.51×	15.74×	36.24×	11.34×	22.31×	16.23×
Dividend yield	2.6%	2.5%	1.7%	0.0%	0.0%	0.0%	5.3%	4.9%
Payout ratio	-52.3%	63.2%	38.0%	0.0%	0.0%	0.0%	193.1%	214.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-3.7%	2.9%	3.2%	2.4%	3.1%	1.7%	2.3%	1.9%
Return on invested capital	-3.2%	2.1%	5.2%	3.1%	4.5%	2.0%	2.8%	2.5%
Return on assets	-2.3%	1.8%	1.9%	1.3%	1.6%	1.0%	1.3%	1.1%
Free cash flow yield	-8.3%	37.6%	18.5%	-22.1%	16.0%	-10.9%	20.1%	0.1%
Earnings yield	-5.0%	4.0%	4.4%	3.1%	4.1%	2.1%	2.8%	2.3%
Enterprise value	€66.9M	€65.1M	€67.1M	€67.5M	€77.9M	€64.9M	€63.1M	€63.9M
Net debt / EBITDA	2.08×	0.49×	0.65×	1.14×	1.77×	0.51×	0.59×	0.73×
Cash conversion cycle (days)	52	47	61	78	84	83	-25	-13