Voltalia S.A. (VLTSA.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

-32631.2%

-€1,193.89

vs €3.67 price

Levered DCF

-€1,696.68

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.28

Distress zone

Rating

C-

Overall 1 / 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	-8.03×	-44.56×	49.62×	-231.79×	-1,512.31×	330.56×	208.13×	47×
P/B	1.07×	0.88×	1.16×	1.35×	2.97×	4.09×	1.32×	1.23×
P/S	1.74×	1.71×	2.96×	3.57×	5.57×	11.23×	5.49×	2.17×
EV / EBITDA	19.3×	12.03×	12.07×	16.91×	21.15×	37.66×	17.11×	10.05×
Gross margin	41.5%	89.6%	85.7%	20.7%	22.0%	36.5%	90.4%	81.2%
Operating margin	3.9%	12.4%	24.1%	13.6%	17.3%	18.7%	20.3%	24.8%
Net margin	-21.8%	-3.8%	6.0%	-1.5%	-0.4%	3.4%	2.6%	4.7%
Current ratio	1.21×	0.97×	1.21×	1.41×	1.11×	1.18×	2.14×	1.27×
Debt / equity	2.6×	2.12×	1.47×	1.07×	1.54×	1.3×	0.89×	1.59×
Interest coverage	0.15×	0.59×	1.19×	0.92×	1.23×	1.39×	1.05×	1.4×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-13.4%	-2.0%	2.3%	-0.6%	-0.2%	1.2%	0.6%	2.7%
Return on invested capital	0.6%	1.9%	1.5%	-1.6%	0.2%	1.9%	0.9%	1.7%
Return on assets	-3.1%	-0.5%	0.8%	-0.2%	-0.1%	0.4%	0.3%	0.9%
Free cash flow yield	-25.8%	-36.2%	-39.5%	-33.5%	-15.3%	-10.2%	-19.3%	-3.2%
Earnings yield	-12.5%	-2.3%	2.0%	-0.4%	-0.1%	0.3%	0.5%	2.2%
Enterprise value	€3.2B	€2.8B	€3B	€2.6B	€2.7B	€3.2B	€1.3B	€788M
Net debt / EBITDA	13.1×	8.06×	6.19×	6.07×	5.74×	7.15×	4.88×	5.05×
Cash conversion cycle (days)	-20	-704	-575	10	-72	-50	-634	-108