Blue Cap AG (B7E.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

+133.0%

€35.19

vs €15.10 price

Levered DCF

€24.80

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.81

Grey zone

Rating

A+

Overall 5 / 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	3.3×	5.37×	-4.4×	8.92×	25×	4.28×	23.66×	4.97×
P/B	0.7×	0.75×	0.94×	1.05×	1.38×	0.88×	1×	0.93×
P/S	0.57×	0.35×	0.36×	0.37×	0.48×	0.3×	0.3×	0.35×
EV / EBITDA	-9.19×	4.89×	10.57×	6.93×	8.24×	8.4×	6.09×	4.35×
Gross margin	33.0%	28.2%	24.9%	47.5%	40.6%	40.6%	44.2%	45.7%
Operating margin	1.8%	0.7%	-0.2%	2.2%	1.6%	0.1%	4.6%	-0.5%
Net margin	17.2%	6.4%	-8.1%	4.2%	1.9%	7.1%	1.2%	7.1%
Current ratio	5.31×	1.65×	1.72×	1.43×	1.95×	2.25×	1.35×	1.67×
Debt / equity	0.44×	0.79×	1.17×	1.05×	1.13×	0.95×	1.3×	0.9×
Interest coverage	0.96×	0.32×	-0.11×	2.21×	1.84×	0.09×	5.34×	-0.45×
Dividend yield	6.4%	4.1%	2.5%	3.4%	3.1%	4.2%	4.5%	6.4%
Payout ratio	21.0%	22.0%	-11.1%	30.6%	77.6%	18.0%	105.8%	31.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	21.2%	13.9%	-21.3%	11.8%	5.5%	20.7%	4.2%	18.7%
Return on invested capital	1.2%	0.2%	-0.3%	1.8%	1.8%	0.1%	6.6%	-0.7%
Return on assets	11.3%	6.1%	-7.3%	3.7%	1.8%	7.9%	1.4%	7.8%
Free cash flow yield	10.3%	8.5%	17.2%	5.8%	3.3%	6.1%	-9.3%	-2.6%
Earnings yield	30.3%	18.6%	-22.7%	11.2%	4.0%	23.4%	4.2%	20.1%
Enterprise value	€27.1M	€92.9M	€137.5M	€182.5M	€192.6M	€110.6M	€128.8M	€93.6M
Net debt / EBITDA	17.1×	1.14×	4.54×	2.79×	2.73×	3.02×	2.93×	1.46×
Cash conversion cycle (days)	30	61	87	94	109	83	94	116