Allianz SE (ALV.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

+66.4%

€730.82

vs €439.20 price

Levered DCF

€1,921.20

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

-0.56

Distress 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	13.65×	11.75×	11.42×	12.9×	13.01×	12.18×	11.56×	10.04×
P/B	2.34×	1.91×	1.64×	1.49×	1.07×	1.03×	1.24×	1.22×
P/S	1.07×	0.84×	0.8×	1.02×	0.72×	0.74×	0.81×	0.73×
EV / EBITDA	7.93×	6.71×	6×	7.33×	7.58×	7.92×	7.51×	6.94×
Gross margin	81.9%	80.6%	79.7%	68.5%	82.5%	82.6%	82.4%	82.1%
Operating margin	11.2%	10.2%	9.7%	12.1%	8.0%	8.6%	9.8%	10.1%
Net margin	7.8%	7.3%	7.1%	8.0%	5.6%	6.1%	7.0%	7.2%
Current ratio	0.04×	0.06×	0.38×	0.66×	51.69×	66.4×	65.85×	65.7×
Debt / equity	0.46×	0.5×	0.35×	0.66×	0.44×	0.44×	0.46×	0.53×
Interest coverage	20.4×	18.39×	18.35×	6.72×	8.21×	9.61×	9.99×	10.05×
Dividend yield	4.0%	5.0%	4.7%	5.4%	4.6%	4.8%	4.1%	4.6%
Payout ratio	55.0%	57.9%	53.2%	68.3%	59.8%	58.1%	47.6%	45.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	17.2%	16.5%	14.6%	11.8%	8.3%	8.4%	10.7%	12.2%
Return on invested capital	5.4%	4.5%	1.0%	1.1%	0.5%	0.5%	0.7%	0.7%
Return on assets	1.1%	1.0%	0.9%	0.7%	0.6%	0.6%	0.8%	0.8%
Free cash flow yield	21.4%	26.3%	23.3%	20.1%	27.8%	36.9%	38.4%	32.4%
Earnings yield	7.3%	8.6%	8.9%	7.9%	7.7%	8.2%	8.7%	10.0%
Enterprise value	€145.9B	€113.6B	€86.9B	€97.3B	€100.1B	€101.8B	€107.1B	€90.4B
Net debt / EBITDA	-0.07×	-0.08×	-0.62×	1.2×	1.12×	1.47×	1.1×	1.19×
Cash conversion cycle (days)	74	34	24	-113	-130	-180	-170	-162