audius SE (3ITN.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

+122.5%

€21.24

vs €9.55 price

Levered DCF

€64.93

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

8.18

Safe zone

Rating

—

Ratios by fiscal year

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

Metric	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
P/E	17.71×	24.86×	29.02×	0.04×	0.05×	0.04×	-0.03×	-0.09×
P/B	2.75×	4.12×	4.62×	0×	0.01×	0.03×	0.85×	0.06×
P/S	0.78×	1.17×	1.5×	0×	0×	0×	0×	0×
EV / EBITDA	7.13×	9.82×	11.26×	-3.55×	-1.96×	-1.47×	-2.36×	12.83×
Gross margin	16.2%	75.7%	79.0%	75.3%	72.6%	73.6%	13.3%	13.8%
Operating margin	4.0%	6.3%	8.9%	7.1%	4.0%	4.7%	-4.9%	-0.7%
Net margin	4.4%	4.7%	5.2%	4.8%	2.3%	2.8%	-3.9%	-1.2%
Current ratio	3.88×	4.09×	4.82×	2.96×	1.66×	0.84×	0.84×	1.05×
Debt / equity	0.15×	0.17×	0.01×	0.02×	0×	0×	89.47×	6.83×
Interest coverage	19.44×	52.82×	89.67×	32.34×	10.73×	9.23×	-17.42×	-2.19×
Dividend yield	2.8%	1.8%	1.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	50.4%	45.2%	28.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Return on equity	15.5%	16.5%	15.8%	9.9%	19.6%	82.2%	-2631.5%	-62.5%
Return on invested capital	6.3%	9.5%	14.1%	9.3%	17.8%	46.9%	-31.0%	-4.3%
Return on assets	9.4%	9.2%	10.3%	6.1%	7.6%	8.6%	-12.6%	-3.6%
Free cash flow yield	0.5%	1.3%	3.9%	2828.6%	3791.2%	5592.2%	310.0%	0.0%
Earnings yield	5.6%	4.0%	3.4%	2266.7%	1959.1%	2466.7%	-3113.9%	-1111.3%
Enterprise value	€54.3M	€77.6M	€75.4M	-€10.4M	-€2.5M	-€2.2M	€1.7M	€2.2M
Net debt / EBITDA	-0.88×	-1.08×	-1.82×	-3.57×	-1.98×	-1.49×	-2.32×	12.67×
Cash conversion cycle (days)	46	33	18	-57	-3	-64	9	17