Wavestone S.A. (WAVE.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

+156.5%

€86.95

vs €33.90 price

Levered DCF

€144.71

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.73

Safe zone

Rating

A+

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	13.74×	15.75×	20.48×	17.71×	18.04×	27.09×	10.88×	18.18×
P/B	1.61×	1.89×	2.09×	2.97×	3.58×	3.33×	1.92×	3.7×
P/S	1.18×	1.26×	1.7×	1.67×	1.96×	1.64×	0.8×	1.43×
EV / EBITDA	7.73×	9.34×	12.39×	10.91×	10.93×	10.95×	6.2×	9.71×
Gross margin	12.6%	36.5%	23.9%	21.9%	45.9%	22.4%	22.5%	29.7%
Operating margin	11.8%	11.6%	12.2%	13.7%	15.5%	10.4%	12.7%	13.4%
Net margin	8.6%	8.0%	8.3%	9.4%	10.9%	6.1%	7.4%	7.9%
Current ratio	1.59×	1.49×	1.2×	1.51×	1.65×	1.53×	1.27×	1.36×
Debt / equity	0.03×	0.13×	0.15×	0.2×	0.26×	0.42×	0.74×	0.59×
Interest coverage	72.53×	21.69×	36.1×	41.16×	80.99×	37.82×	24.49×	31.06×
Dividend yield	1.0%	0.8%	0.6%	0.9%	0.5%	0.0%	1.3%	0.7%
Payout ratio	13.8%	12.4%	13.0%	15.2%	9.0%	0.0%	14.7%	13.2%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	11.7%	12.0%	10.2%	16.7%	19.9%	12.3%	17.6%	20.4%
Return on invested capital	11.0%	10.6%	8.8%	14.2%	15.3%	8.7%	10.2%	12.4%
Return on assets	8.2%	7.7%	6.0%	9.3%	10.3%	5.7%	6.9%	8.0%
Free cash flow yield	11.4%	7.1%	6.6%	4.0%	6.0%	10.1%	14.7%	5.6%
Earnings yield	7.3%	6.3%	4.9%	5.6%	5.5%	3.7%	9.2%	5.5%
Enterprise value	€1B	€1.2B	€1.2B	€875.5M	€878.2M	€684.3M	€406.2M	€597.4M
Net debt / EBITDA	-0.76×	0.02×	0.07×	-0.14×	-0.53×	-0.03×	1.02×	0.63×
Cash conversion cycle (days)	76	77	101	108	97	97	94	100