# Derichebourg (DBG.PA)

Canonical: https://gigainvestors.com/s/DBG.PA

Analysis as of: 2026-10-16T07:42:37.189Z. Financial observations: FY2000–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 7.89 per share; close as of 2026-10-15.

Estimated value: low EUR 9.20 per share, central EUR 10.35 per share, high EUR 11.88 per share. Buy at or below the central value EUR 10.35 per share. Valuation as of 2026-10-16T07:42:37.189Z; scenarios are not confidence intervals.

Expected annual return: 12.6% at the stated quote. About 12.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; FR 10-year bond 4.8% + 4 points).

## Checklist

### understandable: fail

- FY2020 operating-margin dip fully recovered the next year and stayed recovered; holding that year at the preceding margin meets the existing variation limit. Raw variation still determines the price discount.

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 0

- Operating margin variation: 0.38×

- One fully recovered margin dip: Yes

- Variation with recovered dip held at prior margin: 0.35

- Recovered dip fiscal year: FY2020

Chart: Operating margin; fiscal year observations.

- FY2016: 0.02×

- FY2017: 0.04×

- FY2018: 0.04×

- FY2019: 0.04×

- FY2020: 0.02×

- FY2021: 0.07×

- FY2022: 0.07×

- FY2023: 0.07×

- FY2024: 0.05×

- FY2025: 0.05×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 9.7pp below the typical margin (limit 4pp)

- ROIC, median of available years: 13.7%

- ROIC, second-lowest year: 8.0%

- Typical minus recent gross margin: 9.7 pp

- Typical gross margin (annual median): 15.2%

- Recent gross margin (lower of latest and 3-year median): 5.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.1%

- ROIC including acquisitions, ten-year median: 6.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 9.0%

- FY2017: 25.5%

- FY2018: 23.6%

- FY2019: 15.0%

- FY2020: 6.5%

- FY2021: 29.5%

- FY2022: 21.2%

- FY2023: 12.4%

- FY2024: 8.1%

- FY2025: 8.0%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.78×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 583M

- Net income, five-year total: EUR 745M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: -2.8 pp

- Working capital / revenue, final three-year average: 3.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.07×

- FY2022: 0.77×

- FY2023: 0.52×

- FY2024: 0.28×

- FY2025: 0.99×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 23.6% vs 8.1%

- Per-share earnings: 0.17 to 0.77 (three-year endpoint medians)

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.1%

- Ordinary dilution, 5-year annual growth: -0.0%

- Market cap gain: EUR -726M

- Cumulative retained earnings: EUR 46M

- Diluted shares, 10-year annual growth: -0.1%

- Diluted shares, 5-year annual growth: -0.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 20.3%

- Per-share value change: EUR 0.59

- Per-share value, starting three-year median: EUR 0.17

- Per-share value, ending three-year median: EUR 0.77

- Buybacks concentrated in cheaper years (correlation): 0.80

- Average buyback yield: 1.0%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 742M

- Cumulative net income, 10 years: EUR 989M

- ROIC, first three-year median: 23.6%

- ROIC, last three-year median: 8.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.11

- FY2017: EUR 0.43

- FY2018: EUR 0.44

- FY2019: EUR 0.35

- FY2020: EUR 0.13

- FY2021: EUR 1.09

- FY2022: EUR 1.49

- FY2023: EUR 0.86

- FY2024: EUR 0.47

- FY2025: EUR 0.77

### accounting: pass

- Sloan accruals: -4.2%

- Receivables to sales index (DSRI): 1.05×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.89×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.25×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -9.3%

- FY2017: -7.5%

- FY2018: -6.9%

- FY2019: -7.0%

- FY2020: -8.3%

- FY2021: -5.6%

- FY2022: -6.0%

- FY2023: -3.8%

- FY2024: -9.9%

- FY2025: -4.2%

## Holders

## Price story

Down 29% since Jan 2022 · sales -7.5%

Story as of 2026-10-16T10:00:12.415Z; price observation 2026-10-15.

Price needs cash profits to shrink 2.9% a year for ten years

### Sales · FY2024–2025

sales -7.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 2.1B 

- FY2017: EUR 2.7B 

- FY2018: EUR 2.9B 

- FY2019: EUR 2.7B 

- FY2020: EUR 2.5B 

- FY2021: EUR 3.6B 

- FY2022: EUR 4.3B 

- FY2023: EUR 3.6B 

- FY2024: EUR 3.6B 

- FY2025: EUR 3.3B 

### Gross margin · FY2025

gross margin 5.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 21.9% 

- FY2017: 22.4% 

- FY2018: 22.2% 

- FY2019: 23.5% 

- FY2020: 4.8% 

- FY2021: 8.5% 

- FY2022: 8.3% 

- FY2023: 5.8% 

- FY2024: 24.0% 

- FY2025: 5.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in waste management; annual sales are EUR 3.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:37.189Z); FY2025: revenue 3337100000; grossProfit 183800000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DBG.PA: Derichebourg SA provides environmental services to businesses, and local and municipal authorities. The company engages in the collection, management and reuse of end-of-life capital and consumer goods, production, and industrial waste; and waste collection, urban cleaning, waste collection center management, water management. It is also involved in the production and distribution of drinking water; collection and treatment of wastewater; consumer management; and treatment of xenobiotics, as well as collection and recovery of residential waste. The company was founded in 1956 and is based in Paris, France.

### Why customers stay

Margins ranged from 5.5% to 24% during 2023–25; it earns 13.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:37.189Z); FY2023: grossProfit / revenue = 5.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:37.189Z); FY2024: grossProfit / revenue = 24%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:37.189Z); FY2025: grossProfit / revenue = 5.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:37.189Z); 10-year return on capital observations [[2016,0.08966323239445816],[2017,0.25547647560801773],[2018,0.23599226757121494],[2019,0.1504479594377997],[2020,0.06546451720126309],[2021,0.29515358554380355],[2022,0.21179851175998898],[2023,0.12350572496838014],[2024,0.0809802429491273],[2025,0.07964440183043611]]; median 0.13697684220308992. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 3.8 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:37.189Z); FY2016: growth capex 0; upkeep 54400000; owner earnings 39200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:37.189Z); FY2017: growth capex 0; upkeep 75800000; owner earnings 80800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:37.189Z); FY2018: growth capex 6000000; upkeep 84100000; owner earnings 72600000. Growth capex / owner earnings = 0.08264462809917356.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:37.189Z); FY2019: growth capex 0; upkeep 89500000; owner earnings 30300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:37.189Z); FY2020: growth capex 0; upkeep 70100000; owner earnings 31420000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:37.189Z); FY2021: growth capex 0; upkeep 68500000; owner earnings 186840000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:37.189Z); FY2022: growth capex 8800000; upkeep 133000000; owner earnings 183900000. Growth capex / owner earnings = 0.0478520935290919.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:37.189Z); FY2023: growth capex 0; upkeep 164400000; owner earnings 70760000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:37.189Z); FY2024: growth capex 0; upkeep 146500000; owner earnings 21000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:37.189Z); FY2025: growth capex 0; upkeep 101500000; owner earnings 120760000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:37.189Z); Dividend observations: [[2016,7700000],[2017,3000000],[2018,22900000],[2019,22400000],[2020,17500000],[2021,51000000],[2022,51000000],[2023,51000000],[2024,25500000],[2025,20700000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:37.189Z); FY2025: cash repurchases 3800000 EUR.

### Are managers owners

Insiders own 42.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DBG.PA SharesStats.PercentInsiders = 42.569 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 2.9% yearly over ten years; actual growth was 6.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:37.189Z); Ten-year compound average after fade. Initial solved rate -0.053397471603254754. Price 7.885; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.39867644373183436 → FY2025 0.7584931637631712. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 2.85 per share

- 2016-11: EUR 2.99 per share

- 2016-12: EUR 4.20 per share

- 2017-01: EUR 4.26 per share

- 2017-02: EUR 4.30 per share

- 2017-03: EUR 4.67 per share

- 2017-04: EUR 4.40 per share

- 2017-05: EUR 6.06 per share

- 2017-06: EUR 7.40 per share

- 2017-07: EUR 7.40 per share

- 2017-08: EUR 7.98 per share

- 2017-09: EUR 8.87 per share

- 2017-10: EUR 9.16 per share

- 2017-11: EUR 9.15 per share

- 2017-12: EUR 9.11 per share

- 2018-01: EUR 8.08 per share

- 2018-02: EUR 7.39 per share

- 2018-03: EUR 7.15 per share

- 2018-04: EUR 7.34 per share

- 2018-05: EUR 5.19 per share

- 2018-06: EUR 5.42 per share

- 2018-07: EUR 5.18 per share

- 2018-08: EUR 4.81 per share

- 2018-09: EUR 4.60 per share

- 2018-10: EUR 4.26 per share

- 2018-11: EUR 3.79 per share

- 2018-12: EUR 4.00 per share

- 2019-01: EUR 3.98 per share

- 2019-02: EUR 3.80 per share

- 2019-03: EUR 3.62 per share

- 2019-04: EUR 3.88 per share

- 2019-05: EUR 3.07 per share

- 2019-06: EUR 3.38 per share

- 2019-07: EUR 3.35 per share

- 2019-08: EUR 3.25 per share

- 2019-09: EUR 3.20 per share

- 2019-10: EUR 3.23 per share

- 2019-11: EUR 3.12 per share

- 2019-12: EUR 3.65 per share

- 2020-01: EUR 3.29 per share

- 2020-02: EUR 3.03 per share

- 2020-03: EUR 2.48 per share

- 2020-04: EUR 2.57 per share

- 2020-05: EUR 2.76 per share

- 2020-06: EUR 2.55 per share

- 2020-07: EUR 2.45 per share

- 2020-08: EUR 2.42 per share

- 2020-09: EUR 2.53 per share

- 2020-10: EUR 2.52 per share

- 2020-11: EUR 3.31 per share

- 2020-12: EUR 5.88 per share

- 2021-01: EUR 5.58 per share

- 2021-02: EUR 6.58 per share

- 2021-03: EUR 6.98 per share

- 2021-04: EUR 6.99 per share

- 2021-05: EUR 8.43 per share

- 2021-06: EUR 8.52 per share

- 2021-07: EUR 8.91 per share

- 2021-08: EUR 10.00 per share

- 2021-09: EUR 9.99 per share

- 2021-10: EUR 9.83 per share

- 2021-11: EUR 9.25 per share

- 2021-12: EUR 10.15 per share

- 2022-01: EUR 11.07 per share

- 2022-02: EUR 9.34 per share

- 2022-03: EUR 9.50 per share

- 2022-04: EUR 8.69 per share

- 2022-05: EUR 7.49 per share

- 2022-06: EUR 5.50 per share

- 2022-07: EUR 6.20 per share

- 2022-08: EUR 5.64 per share

- 2022-09: EUR 4.12 per share

- 2022-10: EUR 4.42 per share

- 2022-11: EUR 5.11 per share

- 2022-12: EUR 5.52 per share

- 2023-01: EUR 6.28 per share

- 2023-02: EUR 6.11 per share

- 2023-03: EUR 5.40 per share

- 2023-04: EUR 5.60 per share

- 2023-05: EUR 4.89 per share

- 2023-06: EUR 5.09 per share

- 2023-07: EUR 5.61 per share

- 2023-08: EUR 5.05 per share

- 2023-09: EUR 4.78 per share

- 2023-10: EUR 4.08 per share

- 2023-11: EUR 4.77 per share

- 2023-12: EUR 5.08 per share

- 2024-01: EUR 4.81 per share

- 2024-02: EUR 4.20 per share

- 2024-03: EUR 4.40 per share

- 2024-04: EUR 3.99 per share

- 2024-05: EUR 5.21 per share

- 2024-06: EUR 4.25 per share

- 2024-07: EUR 4.77 per share

- 2024-08: EUR 5.03 per share

- 2024-09: EUR 5.28 per share

- 2024-10: EUR 5.20 per share

- 2024-11: EUR 4.57 per share

- 2024-12: EUR 5.36 per share

- 2025-01: EUR 5.40 per share

- 2025-02: EUR 5.43 per share

- 2025-03: EUR 5.40 per share

- 2025-04: EUR 6.06 per share

- 2025-05: EUR 6.03 per share

- 2025-06: EUR 5.77 per share

- 2025-07: EUR 5.79 per share

- 2025-08: EUR 5.98 per share

- 2025-09: EUR 5.26 per share

- 2025-10: EUR 5.92 per share

- 2025-11: EUR 6.43 per share

- 2025-12: EUR 6.80 per share

- 2026-01: EUR 7.96 per share

- 2026-02: EUR 9.43 per share

- 2026-03: EUR 8.16 per share

- 2026-04: EUR 9.06 per share

- 2026-05: EUR 10.14 per share

- 2026-06: EUR 9.54 per share

- 2026-07: EUR 9.30 per share

- 2026-08: EUR 9.23 per share

- 2026-09: EUR 8.25 per share

- 2026-10: EUR 7.78 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 2.62 per share, central EUR 2.98 per share, high EUR 3.47 per share

- FY2017: low EUR 3.61 per share, central EUR 4.04 per share, high EUR 4.61 per share

- FY2018: low EUR 5.37 per share, central EUR 6.04 per share, high EUR 6.93 per share

- FY2019: low EUR 6.06 per share, central EUR 6.69 per share, high EUR 7.54 per share

- FY2020: low EUR 5.05 per share, central EUR 5.47 per share, high EUR 6.04 per share

- FY2021: low EUR 10.65 per share, central EUR 11.50 per share, high EUR 12.64 per share

- FY2022: low EUR 8.91 per share, central EUR 9.94 per share, high EUR 11.30 per share

- FY2023: low EUR 5.42 per share, central EUR 6.09 per share, high EUR 6.98 per share

- FY2024: low EUR 5.59 per share, central EUR 6.26 per share, high EUR 7.14 per share

- FY2025: low EUR 8.90 per share, central EUR 10.04 per share, high EUR 11.56 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:48:29.463Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.