SMCP S.a. (SMCP.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

+704.1%

€31.26

vs €3.89 price

Levered DCF

€39.19

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.01

Distress 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	29.9×	-11.84×	22.8×	9.54×	22.92×	-3.6×	15.75×	21.04×
P/B	0.42×	0.24×	0.22×	0.42×	0.49×	0.34×	0.63×	0.92×
P/S	0.41×	0.23×	0.21×	0.4×	0.53×	0.42×	0.66×	1.04×
EV / EBITDA	4.51×	5.33×	4.08×	4.78×	5.99×	12.63×	6.28×	9.13×
Gross margin	28.6%	63.0%	63.0%	63.8%	63.4%	60.1%	63.0%	63.8%
Operating margin	7.5%	1.3%	4.1%	7.7%	6.0%	-9.3%	9.4%	10.8%
Net margin	1.4%	-1.9%	0.9%	4.3%	2.3%	-11.7%	3.9%	4.9%
Current ratio	0.91×	0.93×	1×	1.04×	1.08×	1.03×	1.28×	0.98×
Debt / equity	0.49×	0.63×	0.64×	0.66×	0.77×	0.85×	0.79×	0.28×
Interest coverage	3.07×	0.52×	1.83×	4.11×	2.42×	-2.98×	2.82×	6.08×
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	1.4%	-2.0%	0.9%	4.4%	2.1%	-9.3%	3.7%	4.4%
Return on invested capital	2.6%	0.8%	1.2%	3.3%	1.9%	-3.5%	3.0%	3.7%
Return on assets	0.8%	-1.0%	0.5%	2.2%	1.0%	-4.2%	1.7%	2.7%
Free cash flow yield	42.7%	70.6%	62.6%	33.6%	37.2%	39.6%	17.4%	3.7%
Earnings yield	3.3%	-8.5%	4.4%	10.5%	4.4%	-27.8%	5.9%	4.8%
Enterprise value	€1B	€957M	€955.3M	€1.2B	€1.3B	€1.2B	€1.6B	€1.3B
Net debt / EBITDA	2.33×	3.79×	2.98×	2.81×	3.43×	8.66×	3.42×	1.88×
Cash conversion cycle (days)	59	116	129	121	96	130	123	131