olivLaw · European equity research
Derichebourg DBG.PA
France · Euronext Paris · ISIN FR0000053381 · Vertical: Listed companies from France
Derichebourg is a global operator in metal recycling and public-sector services, holding a 48.17 % stake in Elior Group. For the fiscal year ended 30 September 2025, net financial debt stood at 682.8 M EUR, and the group reports under the CSRD for the first time.
At the close of 05 Nov 2026, Derichebourg (DBG.PA) stock was 7.98 EUR (−1.60% on the day), with market capitalisation 1.3 bn EUR, P/E 10.4 on diluted EPS of 0.77 EUR over the last 12 months, dividend yield 1.63%, beta 0.92, 52-week range 5.68–10.49 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 48.4
- neutral
- Bollinger (20, 2)
- 7.54 – 8.13
- in the upper half of the band · %B 0.74 · band width 7.5%
- SMA 50 / 200
- 8.37 / 8.97
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.08 / -0.15
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.4% | −0.6% | +1.0 pp | — |
| 3 months | −15.6% | −4.2% | −11.4 pp | — |
| 6 months | −17.1% | +4.3% | −21.5 pp | — |
| Year to date | +17.4% | +7.5% | +9.9 pp | — |
| 1 year | +37.0% | +9.9% | +27.1 pp | −6.8% |
| 3 years | +85.1% | +49.8% | +35.3 pp | −15.9% |
| 5 years | −22.9% | +42.8% | −65.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 5.6, median 6.8, max 11.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 3.6 bn | 3.6 bn | 3.3 bn |
| Revenue YoY | unavailable | −0.4% | −7.5% |
| Net income | 136.9 m | 74.8 m | 122.0 m |
| Net income YoY | unavailable | −45.4% | +63.1% |
| Diluted EPS | 0.86 | 0.47 | 0.77 |
| Diluted EPS YoY | unavailable | −45.3% | +63.8% |
| net % | 3.8% | 2.1% | 3.7% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 163.3 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 1.1 bn EUR
- Total assets
- 2.6 bn EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 11.3%
- ROA
- 4.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 3.6 bn | 3.6 bn | 3.3 bn | esef· 08 Jan 2026verified |
| Operating income | 244.7 m | 176.0 m | 157.9 m | esef· 08 Jan 2026verified |
| Depreciation & amortisation | 151.3 m | 159.2 m | 160.8 m | esef· 08 Jan 2026verified |
| EBITDA | 396.0 m ≈ | 335.2 m ≈ | 318.7 m ≈ | esef· 08 Jan 2026derived |
| Pre-tax income | 213.5 m | 132.5 m | 119.1 m | esef· 08 Jan 2026verified |
| Income tax | 44.0 m | 36.8 m | 39.0 m | esef· 08 Jan 2026verified |
| Net income | 136.9 m | 74.8 m | 122.0 m | esef· 08 Jan 2026verified |
| Diluted EPS | 0.86 | 0.47 | 0.77 | esef· 08 Jan 2026verified |
| Dividend per share | — | 0.13 | 0.13 | esef· 08 Jan 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 161.1 m | 192.2 m | 163.3 m | esef· 08 Jan 2026verified |
| Inventories | 158.3 m | 175.3 m | 181.9 m | esef· 08 Jan 2026verified |
| Property, plant & equipment, net | 838.5 m | 822.2 m | 825.7 m | esef· 08 Jan 2026verified |
| Goodwill | 276.1 m | 275.9 m | 277.3 m | esef· 08 Jan 2026verified |
| Intangibles (excl. goodwill) | 2.0 m | 2.3 m | 2.2 m | esef· 08 Jan 2026verified |
| Total assets | 2.6 bn | 2.6 bn | 2.6 bn | esef· 08 Jan 2026verified |
| Equity | 992.8 m | 1.0 bn | 1.1 bn | esef· 08 Jan 2026verified |
| Shares outstanding at year end | 159.2 m | 159.1 m | 158.4 m | esef· 08 Jan 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 16.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.3 bn EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
17% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 8.54 – 22.95 EUR.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E8.54 – 22.95 (Mid 13.19)20 companies used · median multiple 17.1x · quartiles 11.1x – 29.8x74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA
- Dividend discount (DDM)outside the aggregate1.77 – 2.41 (Mid 2.04)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 16.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 3.7% | 74 (vs peers) | 38% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 10.4x | 78 (vs peers) | 63% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial74/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial78/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
DERICHEBOURG (DBG.PA). Latest full fiscal year: 2025; data up to 2025-09-30.
Figures computed from the financial statements: revenue 3.3 bn EUR in 2025; YoY growth -7.5%; net margin 3.7%; ROE 11.3%.
The estimated value range is 8.54–22.95 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 13.19 EUR, the price of 7.97 EUR leaves a potential of 65.4% (value / price − 1) and a margin of safety of 39.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 16.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 3.7%
- P/E (TTM): 10.4x
- The price is below the estimated value range
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| DBG.PADerichebourg | 1.3 bn | 10.4 | 11.3% | 3.7% | −7.5% | +24% / +67% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for DBG.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 4.26 Total return -45% · Per year -45% | 7.58 Total return -3% · Per year -3% | 11.46 Total return 46% · Per year 46% |
| 3 years | 3.39 Total return -54% · Per year -23% | 6.84 Total return -10% · Per year -3% | 11.46 Total return 49% · Per year 14% |
| 5 years | 2.69 Total return -62% · Per year -17% | 6.17 Total return -16% · Per year -3% | 11.46 Total return 53% · Per year 9% |
- Exit P/E± 1.71
- Net margin± 1.20
- Annual revenue growth± 1.08
- Annual dilution± 0.10
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Derichebourg is a global operator in metal recycling and public-sector services, holding a 48.17 % stake in Elior Group 1. For the fiscal year ended 30 September 2025, net financial debt stood at 682.8 M EUR 1, and the group reports under the CSRD for the first time 1.
SWOT
Strengths
- The group has an international position in recycling and public-sector services, with a large part of revenue aligned with the EU Taxonomy 1.
- The stake in Elior Group is an important asset, and the report notes that company's results have improved over three years 1.
- The group issued green bonds and has maintained access to financing, which supports investment plans 1.
Weaknesses
- High net financial debt and interest rate exposure could limit financial flexibility 1.
- Activity depends on strongly cyclical industries, and the report flags difficulties upgrading operational IT systems 1.
- The report acknowledges that some formal environmental and HR policies are not yet fully documented under ESRS 1.
Opportunities
- Relocating some activities to Europe could increase volumes treated, and higher scrap quality may open export access 1.
- Demand for recycled raw materials could grow if European policies on recycled metals develop 1.
- Advanced sorting technologies could improve the quality of materials produced and operational efficiency 1.
Risks
- Interest rate exposuremedium
Higher rates could affect results and investment, and part of the variable-rate debt remains unhedged 1.
- Waste export regulationshigh
New EU rules could limit exports of certain recycled materials to non-OECD countries, which could affect volumes 1.
- TGAP tax and residue disposalmedium
A rise in the TGAP tax or disposal restrictions could affect results if no channels are found for by-products 1.
- Site restoration obligationsmedium
If activity stops at certain sites, significant remediation costs could be needed, for which provisions exist 1.
- IT and operational incidentsmedium
A major IT incident or site accident could affect operations, although the group has strengthened its IT architecture and holds cyber insurance 1.
Investment thesis
What would need to be true (bull case)
- If interest rates fall and steel demand stabilises, the group could benefit from lower financing costs and higher volumes 1.
- A large share of revenue aligned with the EU Taxonomy and the green bond issue could support access to financing 1.
- The stake in Elior Group, on an improving trajectory, could support group value if that company's results keep improving 1.
What would break the thesis
- If debt stays high and interest rates rise again, investment and growth could slow 1.
- Export restrictions and weak steel demand could pressure prices and margins in the recycling activity 1.
- Dependence on local-authority budgets and on Elior Group's conditions could affect results, according to the report 1.
What to watch
- Application of the EU waste shipment regulation and the list of non-OECD countriesMay 2027
- Trend in net financial debt and interest rate exposurenext 10-K
- Elior Group results and the value of the 48.17 % stake2027
- Formal environmental policy announced for ESRS E1, E2 and E52027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The group operates as an international operator of global scale in recycling and services for local authorities, according to its annual report for the year ended 30 September 2025 1. Its portfolio includes ferrous and non-ferrous recycling, waste treatment and environmental services, and for some activities the products sold go to steel and metallurgy 1. Derichebourg also holds a 48.17 % stake in Elior Group, a leader in contract catering, which it accounts for under the equity method 1.
Segments
Recycling
The recycling division processes scrap and non-ferrous metals, and its products are sold mainly to the steel and metallurgy sectors, which the report considers cyclical 1. The quality of scrap affects the group's ability to export outside the European Union, and the report points to investments to relocate some activities in Europe 1.
Market context
The market the group serves depends on the cycles of European and Turkish steel and metallurgy, which are influenced by domestic steel consumption in China 1. Low-cost Chinese export pressure affects European and Turkish steelmakers, which can influence prices and volumes of recycled materials 1. China accounts for 6 % of group revenue 1.
Trends
- New rules on waste exportsmixed
EU Regulation 2024/1157 could limit exports of recycled materials classified as waste to non-OECD countries from May 2027, depending on the Commission's list 1. The group is preparing the quality of its scrap to keep exporting 1.
- EU Taxonomy and green financingtailwind
A significant part of revenue is aligned with EU Taxonomy objectives, which could support access to green financing, according to the report 1. The inaugural green bond issue is presented as a signal in this direction 1.
- Cost of financing and interest ratesmixed
High interest rates could slow investment and growth if they persist, although the group has reduced its exposure through rate hedges 1. The report notes that short-term rates have fallen recently 1.
- Technology and artificial intelligencemixed
Artificial intelligence could change the sector's business models, and the group is preparing robots to assist sorting and testing optical sorting lines 1.
Competitive position
The report does not explicitly name competitors in metal recycling and public-sector services 1. Competition is mentioned mainly as low-cost Chinese export pressure on European and Turkish steelmakers 1.
- Unnamed competitors
The source does not name competing companies, so no ticker can be confirmed.
- European and Turkish steelmakers
Cited as a market sensitive to Chinese imports, not as direct competitors.
- Chinese steel exporters
Their low-price exports are named in the report as a pressure factor.
- Elior Group
A company in which the group holds a stake, active in contract catering; not a direct competitor.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202508 Jan 2026
- Annual report 202418 Dec 2024
Sources
- [1] Annual report, fiscal year ended 2025-09-30 (ESEF) · SEC / Derichebourg · 30 Sept 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.