adesso SE (ADN1.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

+291.2%

€286.00

vs €73.10 price

Levered DCF

€226.42

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.43

Grey zone

Rating

B+

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	31.34×	70.4×	219.18×	29.95×	27.54×	28.61×	18.97×	22.86×
P/B	2.99×	3.02×	3.45×	4.08×	7.06×	5.86×	3.57×	3.97×
P/S	0.39×	0.44×	0.62×	0.95×	1.93×	1.15×	0.73×	0.82×
EV / EBITDA	6.94×	7.97×	10.73×	10.57×	13.55×	11.15×	8.57×	9.3×
Gross margin	13.4%	12.4%	12.9%	29.9%	15.1%	31.4%	34.6%	24.0%
Operating margin	3.0%	1.7%	1.4%	3.2%	5.9%	6.3%	5.7%	5.8%
Net margin	1.2%	0.6%	0.3%	3.2%	7.0%	4.0%	3.9%	3.6%
Current ratio	1.24×	0.94×	1.13×	1.58×	1.58×	1.28×	1.42×	1.44×
Debt / equity	1.75×	1.71×	1.41×	1.05×	1.07×	1.27×	1.41×	0.59×
Interest coverage	3.27×	1.51×	1.37×	6.44×	14.92×	13.61×	10.33×	29.57×
Dividend yield	0.9%	1.1%	0.8%	0.6%	0.3%	0.5%	0.8%	0.8%
Payout ratio	27.9%	75.2%	164.8%	17.3%	8.3%	13.9%	16.0%	18.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.6%	4.3%	1.6%	13.6%	25.7%	20.5%	18.8%	17.3%
Return on invested capital	3.7%	2.4%	0.9%	3.8%	7.3%	8.6%	8.2%	11.3%
Return on assets	1.9%	0.9%	0.4%	4.4%	8.5%	5.6%	5.4%	6.0%
Free cash flow yield	10.8%	14.1%	6.1%	1.4%	2.3%	9.0%	3.3%	3.0%
Earnings yield	3.2%	1.4%	0.5%	3.3%	3.6%	3.5%	5.3%	4.4%
Enterprise value	€814.6M	€808.4M	€884.5M	€986.4M	€1.4B	€674.2M	€414.2M	€306.3M
Net debt / EBITDA	2.1×	2.32×	2.24×	1.38×	0.85×	1.24×	1.73×	0×
Cash conversion cycle (days)	60	61	66	67	65	65	71	73