ad pepper media International N.V. (APM.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

-38.8%

€1.63

vs €2.66 price

Levered DCF

€1.80

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	84.47×	20.95×	-53.39×	-154.47×	49.5×	28.94×	32.71×	193.22×
P/B	2.29×	2.21×	2.86×	2.66×	6.6×	5.25×	3.67×	3.06×
P/S	1.27×	0.48×	2.32×	0.39×	1.1×	4.03×	2.88×	2.36×
EV / EBITDA	11.33×	5.4×	73.67×	18.8×	23.27×	12.18×	11.67×	24.54×
Gross margin	54.6%	23.3%	93.2%	24.1%	23.8%	96.4%	96.2%	96.4%
Operating margin	2.2%	1.3%	-4.6%	0.3%	2.9%	21.3%	11.6%	5.1%
Net margin	1.5%	2.3%	-4.3%	-0.3%	2.3%	14.3%	8.8%	1.2%
Current ratio	1.71×	1.53×	1.61×	1.52×	1.61×	1.67×	1.68×	1.61×
Debt / equity	0.06×	0.07×	0.07×	0.09×	0.06×	0.05×	0.13×	0×
Interest coverage	8.39×	16.81×	-21.61×	3.87×	27.53×	45.02×	23.11×	23.34×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.7%	10.5%	-5.3%	-1.7%	13.7%	18.6%	11.2%	1.6%
Return on invested capital	1.8%	4.4%	-4.9%	-8.0%	12.0%	20.1%	11.5%	3.9%
Return on assets	1.0%	4.3%	-2.2%	-0.6%	5.5%	7.5%	4.4%	0.6%
Free cash flow yield	3.7%	4.7%	2.2%	4.4%	1.5%	2.5%	9.5%	-3.4%
Earnings yield	1.2%	4.8%	-1.9%	-0.6%	2.1%	3.5%	3.1%	0.5%
Enterprise value	€37.9M	€20.6M	€31.9M	€22.9M	€103.7M	€79.9M	€39.8M	€29.6M
Net debt / EBITDA	-7.66×	-5.98×	-42.85×	-12.86×	-4.37×	-3.57×	-6.74×	-15.09×
Cash conversion cycle (days)	-192	24	-4,137	38	45	-7,873	-8,027	-9,218