Andritz AG (ANDR.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

-37.4%

€50.68

vs €81.00 price

Levered DCF

€46.43

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.43

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	14.29×	9.76×	10.67×	12.93×	13.84×	18.02×	30.24×	18.24×
P/B	2.83×	2.13×	2.5×	2.87×	2.86×	2.96×	3.2×	3.08×
P/S	0.88×	0.58×	0.63×	0.7×	0.7×	0.56×	0.58×	0.67×
EV / EBITDA	8.87×	4.87×	5.16×	6.24×	6.46×	7.09×	8.3×	8.77×
Gross margin	18.5%	49.3%	45.9%	47.9%	48.7%	45.4%	50.1%	50.4%
Operating margin	6.4%	6.7%	17.4%	7.2%	7.2%	5.7%	3.7%	5.3%
Net margin	5.8%	6.0%	5.9%	5.4%	5.0%	3.1%	1.9%	3.7%
Current ratio	1.13×	1.17×	1.18×	1.18×	1.22×	1.26×	1.2×	1.12×
Debt / equity	0.32×	0.36×	0.52×	0.7×	0.87×	1.22×	1.34×	1.07×
Interest coverage	8.17×	9.6×	20.76×	7.63×	7.84×	6.15×	2.96×	4.86×
Dividend yield	3.7%	5.1%	3.8%	3.1%	2.2%	1.3%	4.1%	3.9%
Payout ratio	55.5%	50.1%	40.8%	39.8%	30.5%	24.0%	122.4%	70.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	18.6%	21.8%	23.4%	22.2%	20.7%	16.5%	10.6%	16.9%
Return on invested capital	8.5%	11.4%	27.8%	10.7%	9.4%	7.8%	4.6%	6.5%
Return on assets	5.0%	6.1%	6.0%	4.8%	4.2%	2.9%	1.8%	3.2%
Free cash flow yield	6.5%	9.4%	3.8%	10.5%	9.3%	10.0%	18.1%	-2.9%
Earnings yield	6.6%	10.2%	9.4%	7.7%	7.2%	5.6%	3.3%	5.5%
Enterprise value	€6.6B	€4.5B	€5.1B	€5.3B	€4.8B	€4.1B	€4.3B	€4.6B
Net debt / EBITDA	-0.51×	-0.38×	-0.37×	-0.02×	0.38×	0.65×	0.81×	1.05×
Cash conversion cycle (days)	138	130	109	118	117	90	112	142