TFF Group (TFF.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

-6.9%

€13.22

vs €14.20 price

Levered DCF

-€9.66

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.21

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	38.88×	14.72×	16.42×	17.01×	17.94×	31.74×	22.76×	28.24×
P/B	0.76×	0.93×	1.89×	2.03×	1.57×	1.72×	1.68×	2.54×
P/S	1.16×	1.06×	1.9×	2.05×	2.12×	2.43×	2.17×	3.2×
EV / EBITDA	15.01×	9.46×	10.35×	11.97×	12.24×	14.39×	16.05×	18.91×
Gross margin	11.1%	57.2%	54.5%	18.5%	13.1%	14.3%	16.4%	39.2%
Operating margin	7.6%	14.2%	18.9%	18.0%	11.9%	13.9%	14.5%	17.5%
Net margin	2.8%	7.2%	11.6%	12.0%	11.8%	7.7%	9.5%	11.3%
Current ratio	2.05×	2.06×	1.9×	1.74×	2.11×	2.15×	1.7×	2.37×
Debt / equity	0.8×	0.81×	0.73×	0.65×	0.58×	0.63×	0.7×	0.45×
Interest coverage	2.15×	3.76×	7.11×	18.83×	37.94×	2.57×	14.89×	55.27×
Dividend yield	3.0%	3.0%	1.4%	1.0%	1.2%	1.2%	1.3%	0.9%
Payout ratio	123.1%	44.7%	23.5%	16.4%	21.2%	38.0%	28.6%	24.8%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	1.9%	6.3%	11.5%	11.9%	8.8%	5.4%	7.4%	9.0%
Return on invested capital	1.9%	4.7%	7.0%	7.8%	3.9%	4.3%	4.6%	6.6%
Return on assets	0.9%	3.1%	5.8%	6.3%	4.9%	3.0%	4.0%	5.5%
Free cash flow yield	16.4%	-3.9%	-6.0%	-3.2%	2.8%	6.4%	-9.9%	-3.6%
Earnings yield	2.4%	6.8%	6.1%	5.9%	5.6%	3.2%	4.4%	3.5%
Enterprise value	€645.4M	€766M	€1.2B	€1.1B	€778.4M	€770.8M	€775.5M	€966.2M
Net debt / EBITDA	6.61×	3.87×	2.31×	2.04×	2.15×	2.58×	3.49×	1.9×
Cash conversion cycle (days)	606	941	709	401	452	473	463	529