Verallia S.A. (VRLA.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

+142.8%

€42.86

vs €17.65 price

Levered DCF

€34.14

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.66

Distress zone

Rating

C+

Overall 2 / 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	29.84×	12.08×	8.67×	10.85×	15.4×	17.4×	30.26×	78.06×
P/B	3.09×	2.86×	4.49×	3.7×	5×	6.52×	9.05×	139.4×
P/S	0.81×	0.82×	1.04×	1.11×	1.4×	1.38×	1.35×	1.33×
EV / EBITDA	6.72×	5.86×	5.19×	6.23×	7.44×	8.08×	7.95×	10.96×
Gross margin	17.4%	20.7%	26.9%	22.8%	21.4%	20.0%	21.0%	18.3%
Operating margin	9.4%	13.3%	19.5%	17.0%	14.9%	13.7%	14.4%	9.2%
Net margin	2.7%	6.8%	12.0%	10.2%	9.1%	8.0%	4.5%	1.7%
Current ratio	1.01×	1.05×	0.91×	1.03×	1.28×	1.16×	0.91×	1.19×
Debt / equity	2.58×	2.26×	2.03×	1.76×	2.36×	3.25×	4.66×	96.88×
Interest coverage	2.66×	4.14×	8.4×	10.66×	7.18×	6.24×	3.97×	1.88×
Dividend yield	7.4%	8.8%	4.0%	3.3%	3.1%	0.4%	0.0%	0.0%
Payout ratio	221.1%	106.9%	34.9%	35.9%	47.1%	6.5%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.4%	23.6%	51.8%	34.1%	32.5%	37.5%	29.9%	177.9%
Return on invested capital	6.9%	9.4%	18.2%	13.2%	9.8%	10.1%	10.1%	5.6%
Return on assets	2.0%	5.0%	10.5%	7.6%	6.4%	6.1%	3.5%	1.2%
Free cash flow yield	7.0%	9.2%	10.8%	8.2%	9.4%	9.3%	5.0%	6.3%
Earnings yield	3.4%	8.3%	11.5%	9.2%	6.5%	5.8%	3.3%	1.3%
Enterprise value	€4.6B	€4.6B	€5.4B	€5.1B	€5B	€4.8B	€5.1B	€5.2B
Net debt / EBITDA	2.73×	2.26×	1.3×	1.73×	1.89×	2.15×	2.48×	4.17×
Cash conversion cycle (days)	49	40	24	9	2	20	34	35