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Delta Plus

ALDLT.PA
48
Apparel - Footwear & Accessories · Consumer Cyclical
Also trades as: 0RUJ.L
Price
€36.50
+0.30 (+0.83%)
Market Cap
€261.5M
Exchange
Euronext Paris
Winston Score
48
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Dec 31, 2025
How the score breaks down
Quality
Mixed
Growth
Weak
Cash Flow
Strong
Stability
Good
Valuation
Strong
Dividends
Strong

Share count rising — dilution

+2.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 7.2M (2021) → 7.4M (2025)

Winston Score History

The full picture

Delta Plus Group is a French company that makes personal protective equipment (PPE) — things like safety helmets, gloves, harnesses, protective footwear, and high-visibility clothing. Its customers are workers in industries like construction, manufacturing, oil and gas, and logistics. The company designs and sells gear meant to protect people from getting hurt on the job.

Delta Plus makes money by selling its safety products directly to businesses and through distributors across more than 100 countries. It is headquartered in France and generates a large share of revenue outside Europe, giving it broad geographic reach for a company of its size. Its competitive position comes from owning a wide portfolio of product categories and brands, which makes it a convenient one-stop supplier for workplace safety needs. The main risk is that demand is tied to industrial activity levels, so an economic slowdown that reduces construction or manufacturing output could hurt sales.

Score breakdown

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Quality

Profit per sale
Gross Margin
-13.9%
Thin — -13.9% gross margin
Profit after running costs
Operating Margin
12.0%
Healthy — 12.0% operating margin
Return on the money invested
ROCE
9.6%
Below par — 9.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
-2.6%
Shrinking sales (-2.6% YoY)
Profit growth
EPS YoY
-14.9%
Earnings shrinking (-14.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
189%
Turns 189% of profit into real cash
Spare cash per sale
FCF Margin
9.2%
Modest free cash flow (9.2%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.68
Moderate — manageable debt (0.68)
Covers its interest
Interest Cover
6.38x
Adequate interest coverage (6.4x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
9.9x
Attractive valuation — P/E 9.9

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
+0.6
GROWING
Earnings roughly flat

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Dividends

Dividend
Dividend Yield
2.07%
Moderate income — 2.07% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+18.6%
Dividend growing fast (18.6% YoY)

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