Oeneo S.A. (SBT.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

+48.6%

€13.13

vs €8.84 price

Levered DCF

€25.65

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.8

Safe zone

Rating

A-

Overall 4 / 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	22×	19.83×	23.56×	21.56×	23.31×	22.65×	25×	24.45×
P/B	1.88×	1.8×	2.17×	2.6×	2.57×	2.25×	2.47×	2.43×
P/S	2.14×	1.91×	2.23×	2.56×	2.67×	2.64×	2.44×	2.31×
EV / EBITDA	11.14×	9.94×	11.73×	12.69×	12.4×	11.74×	13.54×	12.93×
Gross margin	14.7%	60.7%	54.9%	15.4%	17.4%	18.4%	17.5%	56.1%
Operating margin	13.7%	14.9%	14.1%	15.7%	16.6%	16.9%	15.1%	15.3%
Net margin	9.7%	9.8%	9.4%	11.8%	11.4%	11.6%	9.8%	9.4%
Current ratio	3.54×	2.32×	3.62×	3.34×	3.53×	3.34×	2.89×	2.2×
Debt / equity	0.34×	0.3×	0.33×	0.18×	0.2×	0.27×	0.38×	0.39×
Interest coverage	10.61×	8.69×	8.87×	29.66×	35.71×	20.06×	32.99×	28.54×
Dividend yield	3.8%	3.8%	6.6%	4.4%	1.5%	0.0%	0.1%	0.2%
Payout ratio	83.9%	75.3%	157.0%	94.5%	34.7%	0.0%	3.4%	4.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.6%	9.2%	9.2%	12.0%	11.0%	9.9%	9.9%	9.9%
Return on invested capital	6.4%	8.0%	7.6%	10.4%	9.8%	8.1%	7.8%	8.1%
Return on assets	5.4%	5.9%	5.7%	8.4%	7.5%	6.5%	5.9%	5.8%
Free cash flow yield	6.9%	6.5%	4.0%	2.3%	2.2%	7.2%	1.5%	-0.7%
Earnings yield	4.5%	5.1%	4.2%	4.6%	4.3%	4.4%	4.0%	4.1%
Enterprise value	€646.3M	€641.3M	€747.2M	€920M	€877.7M	€724M	€762.8M	€683M
Net debt / EBITDA	0.97×	0.88×	1.01×	0.41×	0.11×	0.08×	0.96×	1.14×
Cash conversion cycle (days)	246	422	369	206	192	209	210	310