Addiko Bank AG (ADKO.VI) 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

+153.7%

€64.45

vs €25.40 price

Levered DCF

€234.86

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

0.2

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
P/E	9.87×	8.38×	6.51×	9.58×	19.5×	121.87×	8×
P/B	0.48×	0.45×	0.33×	0.33×	0.33×	0.2×	0×
P/S	1.15×	1.18×	0.97×	1.07×	1×	0.63×	0×
EV / EBITDA	-6.12×	0×	0×	-23.1×	-27.45×	-37.33×	0×
Gross margin	75.7%	100.0%	108.0%	100.0%	83.6%	70.2%	0.0%
Operating margin	15.9%	35.3%	35.4%	26.7%	7.8%	2.3%	0.0%
Net margin	11.6%	14.1%	14.9%	11.2%	5.1%	0.5%	0.0%
Current ratio	31.69×	0×	-257.69×	0.27×	0×	0.23×	0×
Debt / equity	0.11×	0.02×	0.02×	0×	0×	0×	0×
Interest coverage	1.03×	1.66×	2×	3.26×	1.14×	0.28×	0×
Dividend yield	0.0%	6.4%	8.8%	0.0%	17.5%	23.4%	17.8%
Payout ratio	0.0%	53.5%	57.4%	0.0%	342.6%	2855.4%	142.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	4.9%	5.4%	5.1%	3.4%	1.7%	0.2%	0.0%
Return on invested capital	0.7%	1.3%	1.1%	-2.0%	0.5%	-0.1%	0.0%
Return on assets	0.7%	0.7%	0.7%	0.4%	0.2%	0.0%	0.0%
Free cash flow yield	14.0%	92.2%	61.5%	82.6%	93.0%	155.0%	-20.5%
Earnings yield	10.1%	11.9%	15.3%	10.4%	5.1%	0.8%	12.5%
Enterprise value	-€480.7M	-€855.6M	-€969.8M	-€1.1B	-€1.1B	-€985.6M	€281M
Net debt / EBITDA	-11.65×	0×	0×	-28.11×	-34.13×	-43.8×	0×
Cash conversion cycle (days)	0	0	2	0	0	0	0