Vicat S.A. (VCT.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

+119.1%

€137.62

vs €62.80 price

Levered DCF

€212.62

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.47

Distress 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	12.32×	5.98×	5.64×	6.74×	7.91×	9.9×	12.19×	12.49×
P/B	1.16×	0.55×	0.53×	0.41×	0.68×	0.71×	0.78×	0.82×
P/S	0.88×	0.42×	0.37×	0.29×	0.52×	0.55×	0.66×	0.72×
EV / EBITDA	5.84×	3.44×	3.91×	4.71×	4.85×	4.73×	6.4×	5.99×
Gross margin	11.5%	36.1%	34.0%	31.1%	35.9%	38.7%	37.6%	36.3%
Operating margin	12.0%	11.8%	10.6%	7.6%	10.8%	9.9%	9.5%	9.6%
Net margin	7.1%	7.0%	6.6%	4.3%	6.5%	5.6%	5.4%	5.8%
Current ratio	1.35×	1.57×	1.4×	1.58×	1.34×	1.53×	1.34×	1.56×
Debt / equity	0.58×	0.6×	0.71×	0.81×	0.8×	0.75×	0.74×	0.56×
Interest coverage	6.84×	4.46×	3.99×	3.66×	6.12×	4.61×	4.3×	4.96×
Dividend yield	3.4%	6.3%	6.4%	7.8%	4.6%	4.8%	4.0%	3.9%
Payout ratio	42.3%	37.5%	36.2%	52.8%	36.3%	47.6%	49.4%	49.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.4%	9.2%	9.5%	6.0%	8.7%	7.1%	6.4%	6.6%
Return on invested capital	6.1%	6.2%	6.3%	3.7%	4.9%	4.3%	3.7%	4.3%
Return on assets	4.3%	4.3%	4.1%	2.4%	3.6%	3.0%	2.7%	3.1%
Free cash flow yield	9.2%	21.9%	19.1%	-6.2%	3.2%	13.5%	8.0%	10.9%
Earnings yield	8.1%	16.7%	17.7%	14.8%	12.6%	10.1%	8.2%	8.0%
Enterprise value	€4.5B	€2.9B	€2.9B	€2.7B	€3B	€2.8B	€3.1B	€2.8B
Net debt / EBITDA	1.49×	1.49×	1.95×	2.84×	2.21×	2.09×	2.71×	2.04×
Cash conversion cycle (days)	64	62	65	64	62	62	79	76