STEF S.a. (STF.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

+41.8%

€183.76

vs €129.60 price

Levered DCF

€64.21

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.98

Grey 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	19.67×	11.03×	8.12×	6.32×	11.49×	12.38×	9.9×	10.05×
P/B	1.27×	1.29×	1.2×	1.08×	1.38×	1.1×	1.31×	1.37×
P/S	0.32×	0.34×	0.32×	0.27×	0.36×	0.29×	0.29×	0.29×
EV / EBITDA	7.69×	6.33×	5.41×	5.26×	6.62×	6.18×	5.59×	6.44×
Gross margin	16.7%	6.9%	7.7%	16.6%	17.1%	16.7%	11.3%	9.7%
Operating margin	2.9%	4.8%	5.7%	5.6%	5.1%	3.9%	4.7%	4.1%
Net margin	1.6%	3.3%	4.3%	3.5%	3.1%	2.3%	2.9%	2.9%
Current ratio	0.72×	0.66×	0.71×	0.74×	0.66×	0.65×	0.66×	0.69×
Debt / equity	1.26×	1.12×	1×	1.12×	1.14×	1.17×	1.17×	1.06×
Interest coverage	3.66×	5.52×	9.14×	25.67×	24.04×	14.48×	17.21×	16.43×
Dividend yield	3.2%	3.9%	3.5%	3.3%	2.5%	2.1%	3.1%	3.2%
Payout ratio	62.2%	40.7%	25.9%	25.5%	28.1%	25.5%	30.8%	32.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.4%	12.3%	16.2%	14.1%	12.1%	8.9%	13.2%	13.6%
Return on invested capital	2.9%	6.1%	7.5%	7.6%	6.0%	4.1%	6.1%	6.6%
Return on assets	2.0%	4.0%	5.5%	4.4%	3.7%	2.8%	3.9%	4.1%
Free cash flow yield	0.3%	2.6%	1.5%	3.3%	16.3%	1.6%	11.5%	-6.4%
Earnings yield	5.1%	9.6%	13.5%	13.0%	8.7%	8.1%	10.1%	9.9%
Enterprise value	€3.2B	€3B	€2.5B	€2.2B	€2.2B	€1.8B	€1.8B	€1.6B
Net debt / EBITDA	3.69×	2.84×	2.29×	2.57×	2.83×	3.1×	2.53×	2.67×
Cash conversion cycle (days)	24	20	18	16	8	11	11	13