Vitura (VTR.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

-2194.5%

-€60.74

vs €2.90 price

Levered DCF

-€55.20

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-0.41

Distress zone

Rating

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	-3.08×	-0.28×	-0.96×	-97.6×	15.55×	32.28×	8.39×	15.75×
P/B	0.26×	0.25×	0.45×	0.55×	0.74×	0.71×	0.93×	0.77×
P/S	1.06×	1.17×	3×	5.7×	6.75×	6.11×	8.13×	7.67×
EV / EBITDA	31.67×	26.01×	-6.43×	30.12×	29.64×	22.45×	14.96×	37.8×
Gross margin	62.6%	56.9%	65.8%	60.6%	75.0%	74.6%	62.1%	54.4%
Operating margin	54.5%	-104.5%	-245.0%	-35.2%	55.2%	34.1%	113.0%	65.6%
Net margin	-34.4%	-419.9%	-313.1%	-5.7%	43.5%	19.0%	96.8%	48.7%
Current ratio	0.08×	0.2×	0.13×	0.31×	0.55×	0.63×	1.37×	1.34×
Debt / equity	2.6×	2.4×	1.67×	1.11×	1.08×	1.06×	1.06×	1.15×
Interest coverage	0.77×	-1.15×	-2.58×	-0.94×	3.04×	2.22×	6.97×	3.88×
Dividend yield	0.0%	0.0%	1.6%	5.1%	5.5%	2.3%	5.4%	10.5%
Payout ratio	0.0%	0.0%	-1.5%	-509.8%	86.0%	74.1%	45.3%	165.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-8.4%	-90.4%	-46.9%	-0.6%	4.8%	2.2%	11.1%	4.9%
Return on invested capital	3.6%	-6.6%	-13.7%	-1.6%	3.0%	1.9%	6.3%	3.1%
Return on assets	-2.3%	-25.8%	-17.2%	-0.3%	2.2%	1.0%	5.2%	2.2%
Free cash flow yield	6.2%	5.7%	-7.6%	-5.5%	-12.1%	6.3%	2.7%	-35.2%
Earnings yield	-32.4%	-359.8%	-104.2%	-1.0%	6.4%	3.1%	11.9%	6.3%
Enterprise value	€692.4M	€698.2M	€1.1B	€1.2B	€1.3B	€1.2B	€1.4B	€1.2B
Net debt / EBITDA	28.74×	23.49×	-5.05×	20×	17.05×	13×	7.77×	21.95×
Cash conversion cycle (days)	-68	13	39	170	-573	-412	-92	-475