Tikehau Capital (TKO.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

+48.3%

€24.71

vs €16.66 price

Levered DCF

€17.65

After debt service

Piotroski score

9 / 9

Strong

Altman Z-score

1.57

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	20.31×	23.03×	20.4×	13.25×	11.29×	-26.77×	14.77×	-18.89×
P/B	0.88×	1.11×	1.11×	1.35×	1.18×	1.62×	0.84×	0.89×
P/S	4.48×	6.46×	5.7×	7.06×	6.32×	290.2×	7.65×	57.31×
EV / EBITDA	24.82×	17.54×	20×	13.94×	9.49×	-28.1×	9.66×	-728.06×
Gross margin	66.0%	63.2%	75.5%	79.1%	75.9%	-241.1%	67.2%	-155.3%
Operating margin	39.4%	48.5%	36.9%	62.1%	69.9%	-1150.3%	71.1%	-282.8%
Net margin	22.0%	27.9%	28.5%	53.2%	56.1%	-1083.7%	51.6%	-303.5%
Current ratio	30.93×	3.91×	2.95×	1.66×	8.46×	7.92×	15.55×	10.3×
Debt / equity	0.63×	0.51×	0.47×	0.48×	0.44×	0.36×	0.33×	0.35×
Interest coverage	3.99×	3.82×	5.68×	8.1×	11.41×	-6×	11.12×	-5.95×
Dividend yield	5.0%	3.6%	3.5%	4.1%	1.9%	1.9%	1.0%	6.8%
Payout ratio	102.2%	84.0%	69.4%	54.4%	21.2%	-49.8%	14.5%	-127.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.3%	4.8%	5.5%	10.2%	10.5%	-6.0%	5.7%	-4.7%
Return on invested capital	3.3%	4.1%	4.4%	6.9%	7.8%	-3.7%	4.8%	-3.3%
Return on assets	2.5%	3.0%	3.6%	6.5%	6.9%	-4.2%	4.1%	-3.4%
Free cash flow yield	11.1%	5.1%	5.5%	4.4%	3.5%	-7.9%	1.4%	-29.6%
Earnings yield	4.9%	4.3%	5.0%	7.5%	8.9%	-3.7%	6.8%	-5.3%
Enterprise value	€4.7B	€4.9B	€4.8B	€5.3B	€3.9B	€4.8B	€2.5B	€2.4B
Net debt / EBITDA	10.01×	4.66×	5.34×	2.74×	0.77×	-1.9×	-0.58×	-109.32×
Cash conversion cycle (days)	-38	45	-3	-12	-31	1,209	-26	310