Foncière Volta (SPEL.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

-208.4%

-€8.24

vs €7.60 price

Levered DCF

-€13.24

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.5

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	8.27×	11.76×	-12.03×	37.73×	17×	6.37×	1.37×	20.6×
P/B	0.64×	0.66×	0.62×	0.7×	0.57×	0.57×	0.67×	0.61×
P/S	8.97×	9.49×	9.56×	8.77×	5.57×	9.88×	1.11×	4.77×
EV / EBITDA	9.34×	13.52×	38.27×	-55.32×	35.94×	49.41×	1.46×	22.97×
Gross margin	71.6%	79.9%	66.7%	53.0%	46.3%	79.0%	55.2%	87.5%
Operating margin	1.1%	72.6%	12.1%	-29.7%	32.4%	39.4%	94.7%	72.9%
Net margin	108.6%	80.5%	-79.8%	22.9%	32.5%	154.3%	81.3%	23.1%
Current ratio	0.49×	1.37×	1.64×	0.16×	0.47×	1.25×	1.48×	0.12×
Debt / equity	0.71×	0.67×	0.77×	0.66×	0.71×	0.73×	0.56×	0.99×
Interest coverage	0.03×	1.38×	0.21×	-0.94×	1.43×	1×	26.35×	1.63×
Dividend yield	0.0%	0.0%	0.0%	6.5%	0.0%	0.0%	19.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	249.6%	0.0%	0.0%	26.1%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.7%	5.6%	-5.2%	1.8%	3.3%	8.8%	48.5%	2.9%
Return on invested capital	0.0%	2.6%	0.4%	-1.7%	2.7%	1.9%	37.5%	6.6%
Return on assets	3.9%	2.8%	-2.5%	0.9%	1.7%	4.5%	26.3%	1.2%
Free cash flow yield	7.7%	7.4%	-7.0%	-11.0%	-6.9%	-15.5%	86.0%	-17.0%
Earnings yield	12.1%	8.5%	-8.3%	2.6%	5.8%	15.6%	73.0%	4.9%
Enterprise value	€173.6M	€161.8M	€159.9M	€163.9M	€150.2M	€141.7M	€99.9M	€120.7M
Net debt / EBITDA	4.6×	6.47×	20.35×	-25.77×	18.77×	24.39×	0.28×	14×
Cash conversion cycle (days)	-81	6,397	4,462	5,730	-254	414	-10	6,797