WATCH Thermador Groupe SA (THEP.PA)
Industrials · Industrial Distribution · PAR · France
51
Final Score
-29.2%
Margin of Safety
55
Quality Score
€72.40
Current Price
€664.0M
Market Cap
Key Metrics
Pe Ratio
14.60
Forward Pe
12.61
Pb Ratio
1.60
Ev Ebitda
8.49
Roe
12.0%
Gross Margin
37.4%
Operating Margin
12.2%
Net Margin
9.0%
Dividend Yield
283.0%
Debt To Equity
12.81
Current Ratio
2.90
Beta
0.80
📈 Trend Charts
Revenue Trend
EPS Trend
Net Income Trend
Free Cash Flow Trend
Intrinsic Value Estimates
Low
€44.83
Base
€56.04
High
€67.24
⚠️ Value Trap Flags
- 🚩 {'flag': 'DEBT_OUTPACING_INCOME', 'severity': 'MED', 'evidence': 'Net debt growth (312.9%) outpacing operating income growth (-25.3%)'}
Pipeline Stage Details
Stage A — Hard Filters ✅
Pe Ratio
14.60
Eps Positive Years
4.00
Eps Lookback
4.00
Fcf Positive Years
4.00
Fcf Lookback
4.00
Debt To Equity
0.13
Current Ratio
2.90
Dilution Cagr
-0.00
Stage B — Quality Score: 55/100
Stage C — Cyclicality: MED
Normalized EPS
€5.32
Stage F — Final Score Breakdown
| Component | Weighted Score |
|---|---|
| Valuation | 3.0 |
| Earnings Quality | 13.8 |
| Balance Sheet | 18.0 |
| Stability | 8.2 |
| Moat Proxies | 7.6 |
Top Drivers
- Reasonable P/E of 14.6x — below long-run market average (~15-17x), suggesting the stock is not overpriced.
- Solid ROIC of 12.2% — above the 12% threshold, indicating the business creates genuine economic value for shareholders.
- Fortress balance sheet: D/E of 0.13x (conservative) and current ratio of 2.90x — ample liquidity and low financial risk. Graham emphasis on capital preservation.
- Strong free cash flow generation — the company converts earnings into real cash effectively, supporting dividends, buybacks, and debt reduction.
Top Risks
- ⚠️ [MED] Leverage risk: Net debt growth (312.9%) outpacing operating income growth (-25.3%). Growing debt with stagnant income can lead to financial distress.
- Moderate cyclicality (Cyclical sector: Industrials) — earnings may fluctuate.
- Quality concern: Operating margin in structural decline
- Quality concern: Revenue declining: -3.2% CAGR
Financial History
| Year | Revenue | Gross Profit | Operating Income | Net Income | EPS |
|---|---|---|---|---|---|
| 2021 | N/A | N/A | N/A | N/A | €N/A |
| 2022 | €553.9M | €192.8M | €79.6M | €58.9M | €6.07 |
| 2023 | €581.0M | €206.5M | €80.8M | €58.3M | €6.01 |
| 2024 | €503.9M | €182.5M | €60.2M | €44.7M | €4.63 |
| 2025 | €501.7M | €185.3M | €59.4M | €44.1M | €4.56 |
Cash Flow History
| Year | Operating CF | CapEx | Free Cash Flow |
|---|---|---|---|
| 2021 | N/A | N/A | N/A |
| 2022 | €25.2M | €-11.0M | €14.1M |
| 2023 | €56.5M | €-8.4M | €48.1M |
| 2024 | €74.3M | €-9.5M | €64.8M |
| 2025 | €69.3M | €-5.7M | €63.6M |