Bechtle AG (BC8.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

+9.6%

€37.04

vs €33.80 price

Levered DCF

€37.88

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.37

Safe 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	24×	15.95×	21.51×	16.61×	34.21×	38.86×	30.9×	20.91×
P/B	2.69×	2.05×	3.28×	2.71×	5.86×	6.45×	5.18×	3.25×
P/S	0.86×	0.62×	0.89×	0.69×	1.49×	1.29×	0.98×	0.66×
EV / EBITDA	13.16×	8.01×	11.67×	9.51×	18.57×	19.34×	15.61×	12.67×
Gross margin	17.3%	18.1%	16.4%	17.5%	17.3%	14.7%	14.3%	14.9%
Operating margin	4.4%	4.7%	5.1%	5.9%	6.2%	4.8%	4.5%	4.5%
Net margin	3.6%	3.9%	4.1%	4.2%	4.4%	3.3%	3.2%	3.2%
Current ratio	1.55×	1.64×	1.86×	1.61×	1.74×	1.87×	1.9×	2.01×
Debt / equity	0.35×	0.42×	0.42×	0.34×	0.36×	0.13×	0.12×	0.45×
Interest coverage	10.41×	12.03×	21.95×	55.34×	49.3×	37.97×	38.44×	61.4×
Dividend yield	1.6%	2.3%	1.4%	1.7%	0.7%	0.7%	0.8%	1.3%
Payout ratio	38.5%	35.9%	30.8%	27.6%	24.5%	26.2%	24.6%	27.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.2%	12.8%	15.2%	16.3%	17.1%	16.6%	16.8%	15.5%
Return on invested capital	6.4%	7.4%	8.5%	11.8%	12.2%	10.9%	10.7%	11.2%
Return on assets	4.9%	5.8%	7.0%	7.3%	7.7%	7.2%	7.1%	6.8%
Free cash flow yield	2.9%	12.0%	6.1%	0.8%	2.9%	3.3%	2.6%	2.9%
Earnings yield	4.2%	6.3%	4.6%	6.0%	2.9%	2.6%	3.2%	4.8%
Enterprise value	€5.8B	€4.1B	€6B	€4.5B	€8B	€7.3B	€5.1B	€3B
Net debt / EBITDA	0.77×	0.33×	0.58×	0.63×	0.13×	-0.58×	-0.45×	0.62×
Cash conversion cycle (days)	64	55	57	80	67	55	52	55