Trigano S.A. (TRI.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

-3.9%

€125.95

vs €131.10 price

Levered DCF

€250.51

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.86

Grey zone

Rating

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	12.1×	5.48×	8.15×	5.94×	15.26×	14.73×	10.05×	12.99×
P/B	1.39×	1.07×	1.56×	1.23×	2.89×	2.07×	1.89×	3.17×
P/S	0.79×	0.52×	0.72×	0.52×	1.16×	0.94×	0.72×	1.05×
EV / EBITDA	6.65×	3.48×	4.9×	3.69×	9.68×	9.1×	7.19×	9.96×
Gross margin	8.8%	34.5%	33.7%	32.5%	32.5%	7.9%	31.6%	32.1%
Operating margin	9.2%	12.7%	12.1%	10.7%	12.2%	9.4%	9.0%	9.9%
Net margin	6.5%	9.5%	8.9%	8.8%	7.6%	6.4%	7.2%	8.1%
Current ratio	2.52×	2.54×	2.22×	1.87×	1.84×	1.91×	1.99×	1.79×
Debt / equity	0.18×	0.11×	0.1×	0.24×	0.22×	0.21×	0.25×	0.36×
Interest coverage	53.32×	81.8×	91.89×	148.35×	155.65×	79.79×	58.49×	49.37×
Dividend yield	2.3%	3.3%	2.7%	5.8%	1.2%	1.9%	2.3%	1.0%
Payout ratio	28.2%	18.1%	21.9%	34.2%	19.0%	27.7%	23.1%	13.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.5%	19.6%	19.2%	20.8%	18.9%	14.0%	18.7%	24.4%
Return on invested capital	9.6%	17.0%	17.1%	15.2%	19.1%	12.8%	14.4%	18.3%
Return on assets	7.3%	13.0%	12.2%	11.9%	10.1%	8.0%	10.3%	11.8%
Free cash flow yield	18.2%	-0.4%	5.0%	6.7%	10.1%	11.5%	5.5%	4.7%
Earnings yield	8.3%	18.2%	12.3%	16.8%	6.6%	6.8%	9.9%	7.7%
Enterprise value	€2.6B	€2B	€2.3B	€1.5B	€3.1B	€1.9B	€1.7B	€2.5B
Net debt / EBITDA	-0.71×	-0.08×	-0.41×	-0.3×	-1.09×	-0.56×	0.06×	0.29×
Cash conversion cycle (days)	80	126	83	60	22	49	62	56