1&1 AG (1U1.DE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+164.2%

€63.81

vs €24.15 price

Levered DCF

€47.88

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.54

Distress zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	26.33×	10.41×	10.13×	5.58×	11.44×	16.35×	10.79×	19.42×
P/B	0.73×	0.36×	0.54×	0.37×	0.81×	0.74×	0.87×	1.84×
P/S	1.06×	0.55×	0.78×	0.52×	1.08×	0.95×	1.1×	2.15×
EV / EBITDA	11.08×	4.33×	5.13×	3.07×	6.08×	7.88×	5.97×	10.92×
Gross margin	20.6%	25.6%	28.3%	31.0%	30.7%	23.9%	29.9%	30.2%
Operating margin	4.0%	7.6%	11.1%	19.1%	18.8%	13.3%	14.4%	15.5%
Net margin	4.0%	5.2%	7.7%	9.3%	9.5%	5.8%	10.2%	11.1%
Current ratio	1.57×	2.52×	2.69×	3.37×	2.89×	2.7×	2.39×	1.65×
Debt / equity	0.19×	0.07×	0.04×	0.02×	0.02×	0.02×	0.01×	0×
Interest coverage	3.54×	15.52×	41.88×	92.78×	59.24×	338.44×	72.77×	107.49×
Dividend yield	0.2%	0.4%	0.3%	0.4%	0.2%	0.2%	0.2%	3.6%
Payout ratio	5.3%	4.1%	2.8%	2.4%	2.4%	4.0%	2.4%	69.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.8%	3.5%	5.3%	6.6%	7.1%	4.5%	8.1%	9.5%
Return on invested capital	1.5%	2.9%	4.3%	7.8%	7.9%	5.8%	6.4%	8.8%
Return on assets	1.5%	2.6%	4.1%	5.1%	5.2%	3.3%	5.8%	7.7%
Free cash flow yield	3.8%	0.9%	-2.2%	-3.4%	9.3%	6.8%	8.8%	1.8%
Earnings yield	3.8%	9.6%	9.8%	18.0%	8.7%	6.1%	9.3%	5.1%
Enterprise value	€5.5B	€2.6B	€3.5B	€2.1B	€4.3B	€3.7B	€4B	€7.9B
Net debt / EBITDA	2.23×	0.67×	0.38×	0.14×	0.14×	0.2×	0.02×	0×
Cash conversion cycle (days)	76	91	116	122	125	86	67	29