AMAG Austria Metall AG (AMAG.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

+77.1%

€56.50

vs €31.90 price

Levered DCF

€162.26

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.55

Grey zone

Rating

A-

Overall 4 / 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	25.1×	19.51×	14.47×	11.19×	22.16×	96.45×	27.73×	24.76×
P/B	1.19×	1.14×	1.29×	1.72×	2.3×	1.76×	1.74×	1.77×
P/S	0.57×	0.58×	0.66×	0.71×	1.15×	1.15×	1×	1×
EV / EBITDA	9.04×	6.58×	6.7×	6.47×	9.64×	12.49×	9.58×	11.34×
Gross margin	13.8%	15.6%	16.6%	17.4%	18.3%	15.0%	16.3%	13.4%
Operating margin	3.4%	4.8%	7.2%	9.4%	8.2%	4.4%	5.7%	5.7%
Net margin	2.3%	3.0%	4.5%	6.3%	5.2%	1.2%	3.6%	4.0%
Current ratio	3.55×	2.37×	2.96×	2.47×	2.05×	2.84×	3.07×	3.34×
Debt / equity	0.84×	0.89×	0.71×	0.96×	0.82×	1.04×	0.9×	0.98×
Interest coverage	2.58×	3.23×	5.6×	12.1×	9.77×	3.75×	6.1×	7.83×
Dividend yield	5.0%	6.3%	5.5%	4.3%	1.2%	1.7%	3.9%	3.8%
Payout ratio	124.4%	122.4%	79.7%	48.4%	27.0%	159.8%	109.5%	95.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.7%	5.8%	8.9%	15.4%	10.4%	1.8%	6.2%	7.2%
Return on invested capital	2.6%	2.9%	5.3%	7.7%	5.4%	2.1%	3.4%	3.7%
Return on assets	2.0%	2.5%	4.1%	6.1%	4.1%	0.7%	2.6%	2.9%
Free cash flow yield	13.3%	3.5%	8.8%	0.6%	-1.9%	4.7%	5.6%	1.0%
Earnings yield	4.0%	5.1%	6.9%	8.9%	4.5%	1.0%	3.6%	4.0%
Enterprise value	€1.2B	€1.2B	€1.3B	€1.6B	€1.8B	€1.4B	€1.4B	€1.4B
Net debt / EBITDA	2.5×	2.05×	1.84×	1.58×	1.86×	2.89×	2.05×	2.5×
Cash conversion cycle (days)	147	168	152	141	159	141	128	118