Traton SE (8TRA.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

+352.8%

€143.53

vs €31.70 price

Levered DCF

-€102.86

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.22

Distress zone

Rating

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	9.87×	4.98×	4.32×	6.2×	24.33×	-90.44×	7.87×	9.51×
P/B	0.82×	0.78×	0.64×	0.49×	0.82×	0.87×	0.86×	0.79×
P/S	0.35×	0.29×	0.23×	0.18×	0.36×	0.5×	0.44×	0.51×
EV / EBITDA	6.85×	2.81×	4.6×	5.54×	8.38×	8.31×	5.09×	6.11×
Gross margin	19.1%	21.3%	19.7%	17.0%	18.1%	15.3%	19.6%	19.2%
Operating margin	5.5%	8.9%	8.0%	6.8%	5.9%	0.4%	7.0%	5.8%
Net margin	3.5%	5.9%	5.2%	2.8%	1.5%	-0.5%	5.6%	5.4%
Current ratio	0.94×	0.98×	0.94×	0.84×	0.82×	0.93×	1.01×	1.25×
Debt / equity	1.45×	0.53×	1.34×	1.47×	1.35×	0.95×	0.9×	0.64×
Interest coverage	3.7×	4.8×	4.24×	5.99×	5.23×	0.36×	7.19×	6.18×
Dividend yield	5.6%	5.4%	3.3%	3.5%	1.2%	4.4%	27.2%	0.0%
Payout ratio	54.9%	26.7%	14.3%	21.9%	29.5%	-407.3%	214.1%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.3%	15.7%	14.9%	7.9%	3.4%	-1.0%	10.9%	8.3%
Return on invested capital	3.5%	7.4%	6.0%	4.5%	3.2%	0.2%	4.3%	3.1%
Return on assets	2.3%	4.3%	4.0%	2.0%	0.8%	-0.3%	3.4%	3.0%
Free cash flow yield	-12.4%	-2.9%	3.5%	-36.4%	-0.6%	6.0%	-3.1%	-7.6%
Earnings yield	10.1%	20.1%	23.2%	16.2%	4.1%	-1.1%	12.7%	10.5%
Enterprise value	€39.5B	€20.9B	€31B	€26.8B	€27.3B	€21.9B	€22.5B	€21B
Net debt / EBITDA	4.21×	0.93×	3.03×	4.07×	4.98×	4.02×	2.39×	2.27×
Cash conversion cycle (days)	88	94	90	87	96	108	113	103