Vetoquinol S.A. (VETO.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

+50.9%

€126.60

vs €83.90 price

Levered DCF

€79.85

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

6.21

Safe 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	16.9×	15.04×	21.79×	21.58×	24.86×	51.29×	26.61×	16.6×
P/B	1.68×	1.53×	2.3×	2.14×	3.54×	2.66×	1.97×	1.66×
P/S	1.89×	1.64×	2.29×	1.92×	3×	2.31×	1.92×	1.63×
EV / EBITDA	2.25×	6.12×	9.63×	9.28×	12.9×	16.6×	10.56×	8.03×
Gross margin	30.5%	71.9%	55.1%	31.9%	32.1%	29.0%	52.0%	53.3%
Operating margin	13.9%	14.3%	14.0%	13.7%	16.6%	8.7%	11.6%	13.1%
Net margin	10.9%	10.9%	10.5%	8.9%	12.1%	4.5%	7.2%	9.9%
Current ratio	3.08×	2.98×	2.61×	2.2×	1.75×	1.28×	2.78×	3.26×
Debt / equity	0.03×	0.04×	0.03×	0.04×	0.03×	0.34×	0.03×	0.02×
Interest coverage	58.36×	62.56×	65.32×	22.69×	83.28×	34.44×	46.78×	136.37×
Dividend yield	1.0%	1.1%	0.8%	0.9%	0.4%	0.5%	0.7%	0.9%
Payout ratio	18.2%	17.1%	17.0%	19.7%	9.4%	23.4%	19.9%	15.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.7%	10.2%	10.5%	9.9%	14.2%	5.2%	7.4%	10.0%
Return on invested capital	9.0%	9.1%	9.6%	9.4%	13.1%	3.8%	7.7%	9.6%
Return on assets	7.5%	7.9%	8.0%	7.4%	10.1%	3.0%	5.6%	7.8%
Free cash flow yield	5.2%	7.7%	5.8%	3.8%	3.6%	-5.4%	5.6%	4.4%
Earnings yield	5.8%	6.6%	4.6%	4.6%	4.0%	1.9%	3.8%	6.0%
Enterprise value	€786.4M	€698.3M	€1.1B	€960.2M	€1.5B	€984.1M	€689.5M	€490.6M
Net debt / EBITDA	-0.59×	-1.62×	-1.16×	-0.74×	-0.46×	-0.08×	-1.11×	-1.82×
Cash conversion cycle (days)	151	238	161	133	127	128	174	184