AGRANA Beteiligungs-AG (AGR.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

-54.1%

€5.24

vs €11.40 price

Levered DCF

€50.00

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.3

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	-18.36×	-154.92×	12.69×	68×	-82.7×	18.54×	22.81×	42.44×
P/B	0.69×	0.57×	0.7×	0.89×	0.84×	0.87×	0.83×	0.81×
P/S	0.23×	0.19×	0.22×	0.29×	0.36×	0.44×	0.44×	0.45×
EV / EBITDA	7.62×	7.18×	5.92×	9.91×	8.05×	8.76×	10.3×	9.78×
Gross margin	11.8%	27.3%	28.1%	27.6%	28.7%	30.5%	31.8%	30.4%
Operating margin	1.3%	1.2%	4.0%	2.4%	0.9%	3.1%	3.5%	2.7%
Net margin	-1.2%	-0.1%	1.7%	0.4%	-0.4%	2.3%	1.9%	1.0%
Current ratio	1.61×	1.67×	1.84×	1.8×	1.71×	2.27×	2.04×	1.94×
Debt / equity	0.54×	0.57×	0.63×	0.69×	0.53×	0.45×	0.44×	0.31×
Interest coverage	1.25×	1.06×	3.85×	5.05×	2.13×	6.54×	7.19×	6.39×
Dividend yield	6.0%	8.6%	6.8%	4.5%	5.2%	4.4%	5.8%	6.6%
Payout ratio	-109.2%	-1327.0%	86.6%	303.9%	-423.1%	81.7%	131.2%	281.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-3.8%	-0.4%	5.5%	1.3%	-1.0%	4.7%	3.6%	1.9%
Return on invested capital	2.4%	-0.0%	5.1%	1.6%	-1.7%	3.6%	3.1%	2.0%
Return on assets	-1.6%	-0.2%	2.2%	0.5%	-0.5%	2.4%	1.9%	1.1%
Free cash flow yield	15.4%	38.9%	15.5%	-8.2%	-2.3%	8.4%	-3.6%	-1.8%
Earnings yield	-5.5%	-0.6%	7.9%	1.5%	-1.2%	5.4%	4.4%	2.3%
Enterprise value	€1.2B	€1.1B	€1.5B	€1.8B	€1.6B	€1.6B	€1.6B	€1.4B
Net debt / EBITDA	2.87×	2.94×	2.62×	3.94×	2.8×	2.57×	3.15×	2.33×
Cash conversion cycle (days)	84	106	124	134	126	126	133	94