A.S. Création Tapeten AG (ACWN.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

+198.3%

€18.20

vs €6.10 price

Levered DCF

€0.18

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.4

Grey zone

Rating

B-

Overall 2 / 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	123.97×	-3.03×	-20×	-5.05×	13.57×	29.25×	3.14×	-4.7×
P/B	0.31×	0.28×	0.39×	0.35×	0.65×	0.54×	0.56×	0.39×
P/S	0.2×	0.16×	0.23×	0.2×	0.36×	0.29×	0.31×	0.21×
EV / EBITDA	3.3×	41.32×	6.85×	-9.09×	3.6×	2.18×	3.73×	10.98×
Gross margin	18.9%	50.7%	47.8%	45.7%	49.7%	52.8%	50.6%	48.8%
Operating margin	0.7%	-6.1%	-1.7%	-5.4%	3.9%	3.1%	1.4%	-1.8%
Net margin	0.2%	-5.4%	-1.2%	-4.0%	2.7%	1.0%	10.0%	-4.4%
Current ratio	3.81×	3.32×	3.65×	3.27×	3.4×	3.49×	3.73×	2.49×
Debt / equity	0.13×	0.18×	0.17×	0.1×	0.1×	0.13×	0.18×	0.21×
Interest coverage	1.78×	-8.03×	-2.42×	-12.53×	10.12×	5.87×	2.01×	-2.95×
Dividend yield	0.0%	0.0%	0.0%	9.1%	4.7%	5.8%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	-46.1%	64.2%	170.8%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	0.2%	-9.1%	-2.0%	-7.0%	4.8%	1.8%	17.8%	-8.3%
Return on invested capital	0.9%	-5.9%	-1.2%	-4.5%	4.1%	1.7%	1.3%	-2.3%
Return on assets	0.2%	-5.7%	-1.3%	-4.7%	3.0%	1.1%	11.0%	-4.6%
Free cash flow yield	1.6%	-7.9%	1.6%	-10.6%	5.8%	7.7%	-18.2%	-17.7%
Earnings yield	0.8%	-33.1%	-5.0%	-19.8%	7.4%	3.4%	31.9%	-21.3%
Enterprise value	€17M	€14.1M	€21.8M	€21.6M	€40.8M	€31.3M	€38.3M	€31.5M
Net debt / EBITDA	-0.72×	-12.02×	-1.99×	2.32×	-1.02×	-0.8×	-0.6×	1.17×
Cash conversion cycle (days)	168	229	202	212	213	217	212	214