Amadeus FiRe AG (AAD.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

+381.0%

€79.46

vs €16.52 price

Levered DCF

€68.91

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

1.16

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	-98.3×	12.7×	17.28×	17.23×	30.59×	36.6×	31.99×	17.38×
P/B	1.8×	2.68×	4.69×	3.97×	7.51×	5.79×	15.37×	8.39×
P/S	0.64×	0.95×	1.58×	1.62×	2.79×	2.32×	3.3×	2.05×
EV / EBITDA	8.72×	5.99×	8.38×	8×	13.82×	13.55×	20.37×	9.75×
Gross margin	45.6%	54.1%	55.0%	53.2%	53.6%	48.8%	47.4%	48.2%
Operating margin	3.4%	12.5%	14.6%	15.7%	16.4%	11.1%	16.6%	18.2%
Net margin	-0.7%	7.5%	9.1%	9.4%	9.1%	6.3%	10.3%	11.8%
Current ratio	0.35×	0.59×	0.59×	0.64×	0.72×	0.79×	0.25×	2.79×
Debt / equity	1.11×	0.57×	0.61×	0.48×	0.88×	1.57×	3.65×	0×
Interest coverage	2.7×	15.87×	25.66×	27.89×	18.49×	8.41×	87.6×	122.23×
Dividend yield	9.3%	6.6%	3.7%	2.6%	0.9%	0.0%	3.2%	4.9%
Payout ratio	-912.2%	83.2%	63.6%	45.3%	26.0%	0.0%	100.9%	85.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-1.8%	21.2%	27.2%	23.1%	24.6%	15.8%	48.0%	48.3%
Return on invested capital	2.4%	14.9%	16.4%	16.0%	14.9%	6.9%	9.2%	44.0%
Return on assets	-0.6%	9.9%	11.3%	11.4%	9.9%	5.1%	7.5%	29.0%
Free cash flow yield	6.5%	10.9%	10.7%	11.6%	6.6%	5.2%	4.1%	5.5%
Earnings yield	-1.0%	7.9%	5.8%	5.8%	3.3%	2.7%	3.1%	5.8%
Enterprise value	€374.6M	€499.7M	€779.7M	€735.1M	€1.2B	€797.6M	€930.3M	€376.5M
Net debt / EBITDA	3.27×	1.03×	0.88×	0.81×	1.32×	2.49×	3.55×	-1.15×
Cash conversion cycle (days)	26	21	26	28	29	28	16	34