Bitcoin Group SE (ADE.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

-75.5%

€5.98

vs €24.36 price

Levered DCF

-€0.90

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.37

Distress zone

Rating

C+

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	-121.62×	139.72×	95.51×	-36.92×	15.24×	37.74×	58.26×	67.42×
P/B	0.7×	0.9×	1.35×	1.21×	1.34×	4.47×	4.12×	5.09×
P/S	15.74×	26.83×	24.03×	10.25×	8.01×	23.85×	19.61×	9.22×
EV / EBITDA	91.05×	82.21×	88.24×	50.94×	9.25×	32.92×	36.35×	37.86×
Gross margin	70.3%	66.7%	93.2%	15.8%	98.1%	96.0%	81.2%	98.9%
Operating margin	-26.1%	18.6%	2.4%	-43.5%	77.2%	69.4%	39.9%	76.1%
Net margin	-12.9%	19.1%	25.0%	-27.9%	52.7%	63.3%	33.7%	13.6%
Current ratio	6.12×	4.03×	4.93×	3.79×	2.98×	2.78×	2.74×	4.2×
Debt / equity	0.02×	0×	0×	0.01×	0×	0.01×	0.03×	0×
Interest coverage	-135.3×	56.4×	5.44×	-51.51×	521.9×	460.28×	407.3×	221,256.56×
Dividend yield	0.3%	0.2%	0.3%	0.6%	0.0%	0.0%	0.0%	0.0%
Payout ratio	-38.6%	27.9%	25.8%	-20.8%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-0.6%	0.6%	1.4%	-3.3%	8.8%	11.9%	7.1%	7.5%
Return on invested capital	-0.7%	0.3%	0.1%	-12.1%	67.2%	51.2%	16.6%	53.5%
Return on assets	-0.4%	0.5%	1.0%	-2.5%	6.4%	8.7%	5.4%	6.4%
Free cash flow yield	-2.0%	0.7%	-1.7%	-5.5%	4.3%	2.1%	-0.4%	-1.1%
Earnings yield	-0.8%	0.7%	1.0%	-2.7%	6.6%	2.7%	1.7%	1.5%
Enterprise value	€149.9M	€239.8M	€175.6M	€74.1M	€183.7M	€347.4M	€121.3M	€101.9M
Net debt / EBITDA	-5×	-4.02×	-5.35×	-9.93×	-1×	-1.05×	-1.17×	-0.95×
Cash conversion cycle (days)	-98	-66	2,356	-23	-56	-42	-203	-489