AT & S Austria Technologie & Systemtechnik AG (ATS.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

-239.8%

-€176.42

vs €126.20 price

Levered DCF

-€306.31

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.66

Distress zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-46.58×	6.96×	-13.94×	9.36×	21.09×	30.3×	44.7×	7.66×
P/B	1.14×	0.47×	1.22×	0.95×	1.56×	1.48×	0.69×	0.77×
P/S	0.67×	0.32×	0.49×	0.61×	1.23×	1×	0.52×	0.6×
EV / EBITDA	7.42×	3.14×	6.5×	1.87×	6.07×	7.25×	4.48×	3.84×
Gross margin	11.4%	11.2%	11.8%	15.3%	15.9%	14.1%	10.3%	16.3%
Operating margin	2.6%	17.5%	2.0%	8.2%	8.0%	6.7%	4.7%	11.4%
Net margin	-1.4%	5.6%	-2.4%	7.6%	6.5%	3.3%	1.1%	7.9%
Current ratio	1.3×	1.25×	1.11×	1.1×	2.68×	2.13×	2.6×	3.83×
Debt / equity	2.37×	1.84×	3.28×	0.48×	1.08×	1.36×	1.04×	0.89×
Interest coverage	0.42×	2.23×	0.37×	4.03×	6.47×	6.02×	3.31×	7.82×
Dividend yield	0.0%	3.5%	4.4%	3.2%	0.8%	0.8%	4.5%	2.3%
Payout ratio	0.0%	19.5%	-90.0%	25.6%	14.7%	24.8%	202.7%	17.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-2.4%	8.3%	-5.9%	11.8%	8.2%	4.9%	1.5%	10.0%
Return on invested capital	0.8%	3.1%	0.8%	3.3%	3.4%	3.2%	1.5%	5.8%
Return on assets	-0.6%	1.9%	-0.8%	3.3%	2.8%	1.6%	0.6%	4.5%
Free cash flow yield	18.0%	-97.6%	-27.3%	-56.7%	5.5%	-21.3%	-6.4%	11.2%
Earnings yield	-2.1%	17.8%	-4.9%	12.4%	5.3%	3.3%	2.2%	13.0%
Enterprise value	€3B	€2B	€2.1B	€863.6M	€2.2B	€1.7B	€896.7M	€1B
Net debt / EBITDA	4.4×	2.35×	4.17×	-0.51×	0.65×	2.27×	1.88×	1.47×
Cash conversion cycle (days)	51	30	-1	-3	18	18	44	61