Worldline S.A. (WLN.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

+27995.5%

€2,834.84

vs €10.09 price

Levered DCF

€2,243.35

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.11

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	-0.08×	-8.08×	-5.36×	34.46×	-18.22×	96.46×	36.93×	57.81×
P/B	0.13×	0.29×	0.51×	1.09×	1.52×	1.66×	3.57×	1.61×
P/S	0.11×	0.52×	0.95×	2.35×	3.72×	6.39×	4.83×	3.37×
EV / EBITDA	3.63×	12.62×	-23.7×	15.4×	23.06×	42×	19.09×	17.76×
Gross margin	41.1%	56.5%	54.8%	43.9%	36.2%	35.7%	40.5%	59.6%
Operating margin	2.9%	2.3%	-18.9%	12.2%	11.8%	13.1%	14.5%	16.9%
Net margin	-128.0%	-6.4%	-17.7%	6.9%	-20.4%	6.6%	13.1%	5.8%
Current ratio	0.98×	1.05×	1.05×	1.11×	1.02×	1.01×	1.1×	0.93×
Debt / equity	0.96×	0.49×	0.47×	0.44×	0.5×	0.51×	0.42×	0.07×
Interest coverage	1×	1.2×	-20×	12.78×	9.37×	12.64×	14.25×	223.77×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.1%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	3.8%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-158.6%	-3.6%	-9.5%	3.2%	-8.3%	1.7%	9.7%	2.8%
Return on invested capital	1.4%	0.7%	-6.1%	2.5%	2.0%	1.5%	5.7%	5.1%
Return on assets	-39.2%	-1.5%	-3.8%	1.4%	-3.7%	0.8%	4.5%	1.6%
Free cash flow yield	38.1%	13.4%	10.5%	7.0%	5.3%	2.3%	2.7%	3.6%
Earnings yield	-1180.2%	-12.4%	-18.6%	2.9%	-5.5%	1.0%	2.7%	1.7%
Enterprise value	€2.7B	€4.7B	€6.5B	€12.8B	€17.1B	€19.3B	€12.3B	€5.8B
Net debt / EBITDA	3.04×	6.13×	-7.81×	3.04×	4.62×	7.66×	1.3×	0.11×
Cash conversion cycle (days)	299	117	-61	-28	-15	18	10	-96