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Piscines Desjoyaux SA (ALPDX) Fair Value & Analysis

Consumer Cyclical · FR · Market cap €113M

PD Piscines Desjoyaux SA ALPDX · PA
Price€11.30
Fair Value€11.12
Upside-1.6%
Quality51/100
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Weak Growth
Thin margins · 5.4% net margin
Low debt · negative free cash flow
5.24% dividend yield
Mixed vs. peers (6/13)
Narrow moat 30/100
Evidence: Medium Range €9.08 – €14.45 Share as image

Fair value as of: Jul 13, 2026

From 14 valuation models · updated 28 days ago

Share price −11.0% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • Our model range runs from €9.08 (bear) to €14.45 (bull), base €11.12. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 51/100 (solid quality) with medium evidence: read the verdict with care.
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Price vs Fair Value (5 years)

€23.58 €9.37 Fair Value €11.12 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 13, 2026.

How to read this chart

60‑month range €9.37 – €23.58 · fair‑value band €9.08 – €14.45 · the €11.30 price screens above the €11.12 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 13, 2026.

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Analysis

Piscines Desjoyaux SA (ALPDX) currently trades at €11.30, while our model-based Fair Value estimate is €11.12, implying the stock looks roughly 1.6% fairly valued today. The Quality Score stands at 51/100 (solid quality), in the Consumer Cyclical sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Piscines Desjoyaux SA generated revenue of €97.7M at a net margin of 6.2%. Revenue declined 13.1% year over year. It earns a return on equity of 5.1%. The balance sheet holds a net cash position of €14.3M. Fundamentals as of Jul 13, 2026

Our scenario range runs from €9.08 (bear case) to €14.45 (bull case); at €11.30, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 22% below its 52-week high and 15% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 2% fair-value upside, at -2%, ALPDX screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income €9.12 €9.09 €7.96 76
ROIC Compounder €7.87 €8.45 €8.92 72
Gordon GGM €6.97 €8.17 €9.30 70
All 14 models by family
Earnings-Based
Graham-Dodd €4.55 €7.60 €9.24 54
EPV €7.87 €8.45 €8.92 59
Dividend Discount
Gordon GGM €6.97 €8.17 €9.30 70
DDM Multi-Stage €6.97 €8.59 €10.26 61
Multiples
P/E Multiple €11.04 €14.72 €18.40 63
P/S Multiple €8.53 €11.37 €14.21 58
P/B Multiple €8.53 €11.37 €14.21 55
EV/EBIT €14.75 €18.66 €22.56 53
EV/EBITDA €18.63 €23.82 €29.02 54
EV/Revenue €10.93 €14.32 €17.70 43
Asset-Based
NCAV (Graham) €6.48 €8.69 €12.97 50
Economic Profit
Residual Income €9.12 €9.09 €7.96 76
ROIC Compounder €7.87 €8.45 €8.92 72
Growth Earnings
Growth-Adj P/E €7.78 €11.12 €14.45 68

Widest divergence: Multiples (€14.32) versus Earnings-Based (€7.60). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) €97.7M
Revenue growth (YoY) -13.1%
Net margin 6.2%
Return on equity 5.1%
Free cash flow −€3.7M FY2025
P/E ratio 16.4
More key figures
Operating margin 15.4%
EPS (TTM) €0.6600
Dividend yield 6.0%
EPS growth (YoY) -24.6%
Net cash €14.3M FY2025

Figures from reported company fundamentals · as of Jul 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 51/100

Of which business quality 52 · Market factors (momentum, volatility) 42

Profitability 30
Margins and returns on capital today
Quality Growth 8
Are margins and returns improving?
Cashflow 34
Earnings quality: real cash, not paper profit
Fin. Strength 90
Balance sheet, leverage, solvency risk
Investment 73
Disciplined investing over empire-building
Low Volatility 66
Calm price path (market factor)
Momentum 37
Price trend over the last 3–12 months (market factor)
52W Momentum 25
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Piscines Desjoyaux SA designs, manufactures, and markets swimming pools and related products worldwide. It provides private family swimming pools that include basic ready-to-install kits and equipped luxury swimming pools; and swimming pool equipment and services. The company was founded in 1966 and is headquartered in La Fouillouse, France.

Full company description

Piscines Desjoyaux SA designs, manufactures, and markets swimming pools and related products worldwide. It provides private family swimming pools that include basic ready-to-install kits and equipped luxury swimming pools; and swimming pool equipment and services. The company was founded in 1966 and is headquartered in La Fouillouse, France. Piscines Desjoyaux SA operates as a subsidiary of Desjoyaux Finance SAS.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Piscines Desjoyaux SA reported revenue of €97.7M in FY2025 versus €161M in FY2021, a compound −11.7%/yr. Reported net income was €6.0M in FY2025, compounding −30.4%/yr from FY2021.

Growth Quality 14/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
€97.7M
Latest YoY
−15.6%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−15.3%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−3.2%
Avg. growth/yr (25Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−4.7%
Revenue −11.7%/yr
FY21 €161M
FY22 €161M
FY23 €139M
FY24 €116M
FY25 €97.7M
Net income −30.4%/yr
FY21 €25.5M
FY22 €21.3M
FY23 €16.2M
FY24 €11.0M
FY25 €6.0M
Character of growth · EPS growth decomposed (2014-2025) +13.1 % p.a.
Revenue per share +5.1 pp

of which total revenue +5.1 pp · buybacks/dilution +0.0 pp

EBIT margin +5.1 pp
Tax rate +1.1 pp
Residual (interest, one-offs) +1.7 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Piscines Desjoyaux SA Fair Value". https://www.fairvalue-calculator.com/stock/ALPDX

Peer Group

Leisure · 190 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 51 · Below median
Fair Value upside −2% · Above median
Return on equity (TTM) 5% · Above median
Return on assets 3% · Below median
Net margin (TTM) 5% · Above median
Operating margin (TTM) -4% · Bottom 25%
Revenue growth -7% · Bottom 25%
Dividend yield (TTM) 5.2% · Top 25%
Debt / equity 0.24× · Higher than median

Valuation Multiples vs Leisure median · lower = cheaper

P/E (TTM) 22.0× · Pricier than median
P/B 1.12× · Cheaper than median
P/S (TTM) 1.37× · Pricier than median
EV/EBITDA 7.3× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 31 · sector 14
FUTURE 0 · sector 18
PAST 19 · sector 19
HEALTH 88 · sector 94
DIVIDEND 100 · sector 51

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Leisure stocks, each showing price versus our Fair Value estimate (as of Jul 13, 2026).

Stock Price Fair Value vs Fair Value
ANTA Sports Products Limited 2020 HK$74.15 HK$119.29 +61%
Pop Mart International Group 9992 HK$160.20 HK$227.30 +42%
Amer Sports, Inc AS $36.44 $16.16 -56%
Hasbro, Inc HAS $81.55 $83.38 +2%
Life Time Group LTH $42.15 $16.15 -62%
Acushnet Holdings GOLF $114.78 $37.79 -67%
Li Ning Company 2331 HK$14.80 HK$29.26 +98%
Benefit Systems S.A BFT 5,255 PLN 3,714 PLN -29%
Ninebot Limited 689009 ¥37.82 ¥39.17 +4%
Asmodee Group ASMDEEB kr 145.70 kr 41.90 -71%

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Frequently asked questions

Is Piscines Desjoyaux SA (ALPDX) overvalued or undervalued?
As of Jul 13, 2026, our model estimates a fair value of €11.12 versus a price of €11.30, about −2% (fairly valued).
What is the fair value of ALPDX?
Our model-based fair value for Piscines Desjoyaux SA is €11.12 (as of Jul 13, 2026), built from audited fundamentals. The current price is €11.30.
What is the quality score of ALPDX?
Piscines Desjoyaux SA has a Quality Score of 51/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Piscines Desjoyaux SA (ALPDX)?
Piscines Desjoyaux SA reported trailing-twelve-month revenue of about €97.7M (latest available figure, as of Jul 13, 2026).
What is the net profit margin of ALPDX?
The net profit margin of Piscines Desjoyaux SA is about 6.2%, meaning it keeps roughly 6.2% of revenue as net income. Based on the latest reported figures.
Does Piscines Desjoyaux SA pay a dividend?
Piscines Desjoyaux SA currently shows a dividend yield of about 6.00% relative to its recent price (as of Jul 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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