Squirrel Media, S.A. (SQRL.MC) 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

-834.5%

-€14.03

vs €1.91 price

Levered DCF

-€8.28

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.64

Distress zone

Rating

B-

Overall 2 / 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	36.55×	39.12×	13.45×	58.56×	56.92×	237.42×	4.43×	34.17×
P/B	3.42×	1.77×	2.41×	4.71×	10.62×	12.35×	6.6×	42.86×
P/S	0.91×	0.78×	1.03×	2.59×	4.56×	10.19×	24.73×	55.62×
EV / EBITDA	10.11×	6.8×	6.73×	15.61×	41.49×	164.4×	-802.17×	167.93×
Gross margin	5.7%	14.6%	18.5%	22.3%	13.9%	31.3%	55.0%	70.5%
Operating margin	6.2%	8.6%	11.8%	10.2%	7.9%	4.8%	13.7%	37.9%
Net margin	2.5%	2.0%	7.9%	4.5%	8.0%	4.3%	78.5%	29.6%
Current ratio	0.7×	0.67×	0.68×	0.9×	1.17×	1.63×	1.15×	0.68×
Debt / equity	0.83×	0.74×	0.75×	0.65×	0.53×	0.32×	0.07×	0.6×
Interest coverage	4.44×	5.17×	8.2×	7.08×	24.48×	30.4×	23.71×	61.59×
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	9.4%	4.5%	18.5%	8.2%	18.6%	5.2%	20.9%	22.8%
Return on invested capital	7.7%	5.7%	12.5%	6.1%	11.8%	3.7%	3.3%	21.8%
Return on assets	2.3%	1.4%	5.9%	3.0%	8.7%	2.5%	15.2%	12.0%
Free cash flow yield	3.2%	-9.7%	7.3%	-6.2%	-1.1%	-0.3%	-2.9%	0.1%
Earnings yield	2.7%	2.6%	7.7%	1.7%	1.7%	0.4%	3.2%	0.5%
Enterprise value	€263.4M	€149.7M	€161.4M	€226.2M	€330.2M	€334.1M	€266.3M	€356M
Net debt / EBITDA	1.61×	1.69×	1.14×	1.62×	1.57×	0.83×	-0.22×	1.83×
Cash conversion cycle (days)	-19	-35	-32	-11	-30	-18	-123	19