€0.73 ($0.82)

-0.04 (-5.45%)

Weekly Expected Move ±18.9%

€0 €1 €1 €1 €1

PAR · Utilities · Renewable Utilities · Tech Score Strong Buy · Power 72 · €44.0M mcap · 14M float · 71.26% daily turnover

Overview Chart Financials Income Statement Cash Flow Balance Sheet Earnings

Analysis Technicals Weather Peers

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

C+

Oct 02, 2026

DCF

ROE

ROA

D/E

P/E

P/B

The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. ALHAF.PA receives an overall rating of C+. Strongest factors: P/B (5/5). Areas of concern: DCF (1/5), ROE (1/5), ROA (1/5), P/E (1/5).

Rating Change History

Date	From	To
2026-10-01	B-	C+
2026-08-10	C+	B-
2026-08-03	D+	C+
2026-07-01	C+	D+
2026-05-04	C	C+
2026-04-07	None	ADDED
2026-04-07	EXISTED	None
2026-04-01	C+	C

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ 13 Grade D

Profitability

Balance Sheet

Earnings Quality

Growth

Value

Momentum

Safety

Cash Flow

The InsiderStreet Scorecard rates companies across eight dimensions: Profitability (margins, ROA, ROE), Balance Sheet (leverage, liquidity, coverage), Earnings Quality (accruals, cash conversion), Growth (revenue and earnings trajectory), Value (P/E, P/B, earnings yield, Graham criteria), Momentum (revenue and earnings acceleration), Safety (Altman Z-Score risk adjustment), and Cash Flow (operating cash flow quality, FCF conversion, cash coverage). The overall score blends 35% quality, 35% value, and 30% momentum, with a penalty for distress-zone Altman scores. ALHAF.PA scores highest in Earnings Quality (52/100) and lowest in Profitability (0/100). A grade of D flags significant fundamental concerns across multiple dimensions.

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman Z-Score

-1.66

Distress Zone

Piotroski F-Score

2/9

✗ ✗ ✗ ✓ ✗ ✓ ✗ ✗ ✗

Beneish M-Score

—

Ohlson O-Score

-1.00

Bankruptcy prob: 27.0%

Moderate

Credit Rating

BB-

Score: 37.1/100

Trend: Deteriorating

Earnings Quality

—

OCF/NI: 0.96x

Accruals: -2.8%

The Altman Z-Score (1968) combines five ratios — working capital, retained earnings, EBIT, market value of equity, and sales, all relative to total assets or liabilities — into a single bankruptcy predictor. ALHAF.PA scores -1.66, placing it in the Distress Zone (safe > 2.99, distress < 1.81). Historically, companies in this range face elevated bankruptcy risk. The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. ALHAF.PA scores 2/9, suggesting weak financial fundamentals — the company fails the majority of these accounting tests. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. ALHAF.PA's implied 27.0% bankruptcy probability is elevated and warrants attention to the balance sheet. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. ALHAF.PA receives an estimated rating of BB- (score: 37.1/100), with a deteriorating trend.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E

-4.41x

PEG

-0.10x

P/S

32.91x

P/B

5.66x

P/FCF

-0.61x

P/OCF

—

EV/EBITDA

-0.81x

EV/Revenue

24.51x

EV/EBIT

-0.71x

EV/FCF

-0.72x

Earnings Yield

-167.69%

FCF Yield

-164.70%

Shareholder Yield

0.00%

Graham Number

—

Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. ALHAF.PA currently has negative earnings — the P/E ratio is not meaningful.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden

0.996

NI / EBT

Interest Burden

1.008

EBT / EBIT

EBIT Margin

-34.663

EBIT / Rev

Asset Turnover

0.018

Rev / Assets

Equity Multiplier

1.658

Assets / Equity

ROE

-104.2%

The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. ALHAF.PA's ROE of -104.2% is driven by Asset Turnover (0.018), indicating efficient use of assets to generate revenue. A tax burden ratio of 1.00 indicates minimal tax leakage — the company retains over 90% of pre-tax earnings.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Two adjustments we make, and why. Growth is capped at 15%. Graham defined g as expected growth over the next seven to ten years, not last year's rate. Across US companies since 1994 the median realized 7-year EPS growth is 5–8% regardless of how fast a company grew beforehand, and of 4,457 company-quarters that grew faster than 200%, none sustained it. Uncapped, the formula assigned fair multiples in the hundreds to companies that had never held that rate — and scored worse than simply reading the P/E. Capped, it carries real information. The verdict has three states, not two. Tested over 377,249 stock-months, this ratio only separates outcomes at its extremes: below 0.25 beat the universe by 1.3 points a year, above 3.0 lagged by 2.7, and everything in between sat inside a one-point band. Rather than call two-thirds of the market "undervalued" on a threshold of 1.0, we say Neutral where the model cannot tell — which is most of the time.

Adj. Growth Rate

0.00%

Fair P/E

8.50x

Intrinsic Value

—

Price/Value

—

Margin of Safety

—

Premium

—

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 1156 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$0.73

Median 1Y

$0.24

5th Pctile

$0.04

95th Pctile

$1.41

Ann. Volatility

109.1%

25th–75th percentile 5th–95th percentile Median path Historical

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability

Metric	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Current
ROE	-5.8%	-17.1%	-53.2%	-68.9%	-65.2%	-75.5%	-86.9%	-1.0%	-1.04%
ROA	-4.7%	-13.2%	-34.5%	-45.4%	-46.5%	-52.1%	-49.1%	-62.9%	-62.85%
ROIC	2.4%	-1.1%	-2.4%	-1.0%	-1.0%	-100.0%	-93.0%	-1.0%	-1.05%
ROCE	-5.0%	-14.6%	-47.7%	-63.0%	-81.4%	-99.1%	-1.1%	-90.6%	-90.62%
Gross Margin	47.5%	-70.2%	-6.1%	5.9%	-15.9%	-3.0%	3.7%	-74.2%	-74.19%
Operating Margin	-2.9%	-291.2%	-36.1%	10.9%	-28.4%	-13.9%	-103.9%	-124.9%	-124.93%
Net Margin	-2.9%	-293.0%	-36.0%	10.3%	-27.9%	-13.9%	-104.5%	-126.7%	-126.68%
EBITDA Margin	-2.8%	-287.8%	-35.6%	5.7%	-25.4%	-13.4%	-78.5%	-111.3%	-111.30%
FCF Margin	59.4%	-10.1%	-15.7%	-32.8%	-193.5%	-67.0%	-88.8%	-34.2%	-34.18%
OCF Margin	91.0%	-7.9%	-11.3%	-23.4%	-154.5%	-54.4%	-76.9%	-33.2%	-33.25%
ROIC Economic	snapshot only								-1.00%
Cash ROA	snapshot only								-76.56%
Cash ROIC	snapshot only								-1.27%
CROIC	snapshot only								-1.31%
NOPAT Margin	snapshot only								-27.48%
Pretax Margin	snapshot only								-34.96%
R&D / Revenue	snapshot only								2.04%
SGA / Revenue	snapshot only								8.60%
SBC / Revenue	snapshot only								-11.98%

Valuation

Metric	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Current
P/E Ratio	-112.76	-30.07	-4.29	-2.56	-0.77	-2.02	-0.97	-0.60	-4.412
P/S Ratio	328.99	230.75	59.77	54.27	84.63	87.12	58.75	20.75	32.908
P/B Ratio	6.55	5.15	2.28	1.77	0.76	2.53	1.52	0.93	5.660
P/FCF	554.31	-22.83	-3.80	-1.65	-0.44	-1.30	-0.66	-0.61	-0.607
P/OCF	361.46	—	—	—	—	—	—	—	—
EV/EBITDA	-97.95	-25.51	-2.79	-2.04	-0.59	-2.21	-1.45	-0.81	-0.807
EV/Revenue	277.81	191.55	38.24	39.74	58.72	87.31	71.89	24.51	24.512
EV/EBIT	-96.38	-25.17	-2.75	-1.86	-0.53	-1.99	-1.18	-0.71	-0.707
EV/FCF	468.07	-18.95	-2.43	-1.21	-0.30	-1.30	-0.81	-0.72	-0.717
Earnings Yield	-0.9%	-3.3%	-23.3%	-39.0%	-1.3%	-49.6%	-1.0%	-1.7%	-1.68%
FCF Yield	0.2%	-4.4%	-26.3%	-60.4%	-2.3%	-76.9%	-1.5%	-1.6%	-1.65%
Price/Tangible Book	snapshot only								2.560
Shareholder Yield	snapshot only								0.00%

Leverage & Solvency

Metric	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Current
Current Ratio	11.42	8.59	3.03	2.78	2.71	2.52	1.65	5.18	5.181
Quick Ratio	11.42	8.59	3.01	2.32	1.92	1.28	0.66	1.80	1.796
Debt/Equity	0.11	0.12	0.14	0.16	0.18	0.18	0.38	0.23	0.225
Net Debt/Equity	-1.02	-0.88	-0.82	-0.47	-0.23	0.01	0.34	0.17	0.168
Debt/Assets	0.09	0.09	0.09	0.10	0.10	0.10	0.16	0.12	0.116
Debt/EBITDA	-2.01	-0.70	-0.27	-0.25	-0.20	-0.15	-0.30	-0.17	-0.166
Net Debt/EBITDA	18.05	5.22	1.57	0.74	0.26	-0.00	-0.26	-0.12	-0.124
Interest Coverage	—	—	—	—	—	—	-261.35	-72.92	-72.919
Equity Multiplier	1.25	1.30	1.54	1.52	1.71	1.80	2.36	1.94	1.937
Cash Ratio	snapshot only								0.248
Debt Service Coverage	snapshot only								-63.885
Cash to Debt	snapshot only								0.255
FCF to Debt	snapshot only								-6.773
Defensive Interval	snapshot only								107.9 days

Efficiency & Turnover

Metric	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Current
Asset Turnover	0.02	0.02	0.02	0.02	0.00	0.01	0.01	0.02	0.018
Inventory Turnover	—	—	16.25	0.88	1.79	1.40	1.02	0.99	0.988
Receivables Turnover (trade)	1.65	1.45	16.20	1.08	0.19	0.47	0.39	0.50	0.503
Payables Turnover	0.35	0.83	0.92	1.59	3.91	4.42	1.91	3.54	3.536
DSO (trade)	221	251	23	338	1876	775	944	725	725.4 days
DIO	0	0	22	414	203	260	357	369	369.3 days
DPO	1043	438	398	230	93	83	191	103	103.2 days
Cash Conversion Cycle (trade)	-822	-186	-353	522	1987	953	1109	991	991.4 days
Fixed Asset Turnover	snapshot only								0.465
Operating Cycle	snapshot only								1094.6 days
Cash Velocity	snapshot only								0.777
Capital Intensity	snapshot only								43.430

Growth (YoY)

Metric	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Current
Revenue	—	—	—	—	-77.7%	-44.1%	-73.8%	-30.7%	-30.72%
Net Income	—	—	—	—	-7.4%	-2.1%	-13.4%	-13.9%	-13.90%
EPS	—	—	—	—	-7.5%	-2.2%	-13.8%	18.5%	18.54%
FCF	—	—	—	—	-73.7%	-2.7%	-47.7%	27.8%	27.80%
EBITDA	—	—	—	—	-6.9%	-1.9%	5.2%	-7.8%	-7.75%
Op. Income	—	—	—	—	-7.6%	-2.2%	-15.0%	-13.0%	-12.98%
OCF Growth	snapshot only								1.72%
Asset Growth	snapshot only								-35.47%
Equity Growth	snapshot only								-49.46%
Debt Growth	snapshot only								-27.95%
Shares Change	snapshot only								39.82%

Growth Quality

Metric	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Current
Revenue Stability	—	—	—	—	—	—	—	—	—
Earnings Stability	—	—	—	—	—	—	—	—	—
Margin Stability	—	—	—	—	—	—	—	—	—
Rev. Growth Consistency	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.000
Earn. Growth Consistency	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.000
FCF Positive Streak	0	0	0	0	0	0	0	0	0
Earnings Persistence	—	—	—	—	—	—	—	—	—
Earnings Smoothness	—	—	—	—	—	—	—	—	—
ROE Trend	—	—	—	—	—	—	—	—	—
Gross Margin Trend	—	—	—	—	—	—	—	—	—
FCF Margin Trend	—	—	—	—	—	—	—	—	—
Sustainable Growth Rate	—	—	—	—	—	—	—	—	—
Internal Growth Rate	—	—	—	—	—	—	—	—	—

Cash Flow Quality

Metric	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Current
OCF/Net Income	-0.31	1.03	0.81	1.11	1.41	1.26	1.28	0.96	0.955
FCF/OCF	0.65	1.28	1.40	1.40	1.25	1.23	1.15	1.03	1.028
FCF/Net Income	snapshot only								0.982
CapEx/Revenue	31.7%	2.2%	4.5%	9.4%	39.0%	12.6%	11.8%	92.9%	92.94%
CapEx/Depreciation	snapshot only								0.216
Accruals Ratio	-0.06	0.00	-0.07	0.05	0.19	0.13	0.14	-0.03	-0.028
Sloan Accruals	snapshot only								-0.279
Cash Flow Adequacy	snapshot only								-35.774

Dividends & Buybacks

Metric	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Current
Dividend Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.00%
Dividend/Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Payout Ratio	—	—	—	—	—	—	—	—	—
FCF Payout Ratio	0.0%	—	—	—	—	—	—	—	—
Total Payout Ratio	—	—	—	—	—	—	—	—	—
Div. Increase Streak	—	—	—	—	—	—	—	—	—
Chowder Number	—	—	—	—	—	—	—	—	—
Buyback Yield	0.0%	0.0%	2.1%	3.1%	8.4%	3.2%	0.1%	0.0%	0.00%
Net Buyback Yield	0.0%	0.0%	2.1%	3.1%	8.4%	3.2%	0.1%	-0.4%	-0.41%
Total Shareholder Return	0.0%	0.0%	2.1%	3.1%	8.4%	3.2%	0.1%	-0.4%	-0.41%

DuPont Factors

Metric	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Current
Tax Burden (NI/EBT)	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	0.996
Interest Burden (EBT/EBIT)	1.01	1.01	1.00	0.99	0.99	0.99	0.99	1.01	1.008
EBIT Margin	-2.88	-7.61	-13.91	-21.33	-110.98	-43.85	-60.91	-34.66	-34.663
Asset Turnover	0.02	0.02	0.02	0.02	0.00	0.01	0.01	0.02	0.018
Equity Multiplier	1.25	1.30	1.54	1.52	1.40	1.45	1.77	1.66	1.658

Per Share

Metric	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Current
EPS (Diluted TTM)	$-0.07	$-0.19	$-0.44	$-0.52	$-0.60	$-0.60	$-0.50	$-0.42	$-0.42
Book Value/Share	$1.21	$1.10	$0.83	$0.75	$0.61	$0.48	$0.32	$0.27	$0.13
Tangible Book/Share	$1.15	$0.99	$0.65	$0.53	$0.42	$0.29	$0.14	$0.10	$0.10
Revenue/Share	$0.02	$0.02	$0.03	$0.02	$0.01	$0.01	$0.01	$0.01	$0.01
FCF/Share	$0.01	$-0.25	$-0.50	$-0.80	$-1.06	$-0.93	$-0.74	$-0.42	$-0.07
OCF/Share	$0.02	$-0.19	$-0.36	$-0.57	$-0.84	$-0.76	$-0.64	$-0.40	$-0.07
Cash/Share	$1.37	$1.09	$0.80	$0.47	$0.25	$0.08	$0.01	$0.02	$0.01
EBITDA/Share	$-0.07	$-0.18	$-0.44	$-0.48	$-0.55	$-0.55	$-0.41	$-0.37	$-0.37
Debt/Share	$0.14	$0.13	$0.12	$0.12	$0.11	$0.08	$0.12	$0.06	$0.06
Net Debt/Share	$-1.24	$-0.96	$-0.68	$-0.36	$-0.14	$0.00	$0.11	$0.05	$0.05

Academic Models

Metric	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Current
Altman Z-Score	—	—	—	—	—	—	—	—	-1.660
Altman Z-Prime	snapshot only								-1.655
Piotroski F-Score	3	1	2	1	1	2	2	2	2
Beneish M-Score	—	—	—	—	8.80	28.50	10.18	—	—
Ohlson O-Score	snapshot only								-0.995
ROIC (Greenblatt)	snapshot only								-1.46%
Net-Net WC	snapshot only								$0.10
EVA	snapshot only								$-22607420.00

Credit

Metric	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Current
Credit Rating	snapshot only								BB-
Credit Score	84.02	79.96	58.72	53.62	48.95	47.23	27.29	37.08	37.075
Credit Grade	snapshot only								13
Credit Trend	snapshot only								-16.549
Implied Spread (bps)	snapshot only								550.000
Industry Credit Rank	snapshot only								45
Sector Credit Rank	snapshot only								38

ALHAF.PA PAR

Financial Rating

InsiderStreet Scorecard

Risk & Quality Signals

Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

Leverage & Solvency Trends

Efficiency & Working Capital Trends

Growth Trends (YoY %)

Earnings Stability

Monte Carlo Price Simulation

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