Bertrandt AG (BDT.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

+3359.5%

€266.38

vs €7.70 price

Levered DCF

€109.52

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

B-

Overall 2 / 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	-3.49×	-2.7×	14.62×	16.03×	73.97×	87.3×	10.71×	16.63×
P/B	0.61×	0.57×	0.98×	0.78×	1.24×	0.81×	1×	1.97×
P/S	0.19×	0.18×	0.38×	0.34×	0.6×	0.36×	0.39×	0.77×
EV / EBITDA	22.03×	25.86×	6.03×	5.33×	8.85×	7.49×	5.94×	9.21×
Gross margin	2.8%	86.5%	9.3%	88.8%	14.8%	91.1%	89.2%	89.6%
Operating margin	-3.4%	-8.2%	4.2%	4.1%	1.2%	1.6%	4.3%	17.1%
Net margin	-5.5%	-6.5%	2.6%	2.1%	0.8%	0.4%	3.7%	4.6%
Current ratio	1.38×	2.16×	2.83×	1.52×	3.07×	2.43×	3.06×	2.81×
Debt / equity	0.95×	0.84×	0.69×	0.78×	0.85×	0.93×	0.52×	0.55×
Interest coverage	-2.79×	-7.31×	4.79×	5.98×	1.57×	2.5×	12.48×	47.57×
Dividend yield	1.3%	5.8%	1.9%	0.8%	0.3%	5.0%	4.8%	3.2%
Payout ratio	-4.7%	-15.7%	28.2%	12.9%	21.9%	432.4%	51.8%	53.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-17.5%	-21.2%	6.7%	4.9%	1.7%	0.9%	9.4%	11.9%
Return on invested capital	-5.2%	-10.0%	4.6%	3.3%	0.7%	1.0%	5.0%	19.8%
Return on assets	-7.1%	-8.8%	3.2%	2.2%	0.8%	0.4%	4.8%	6.0%
Free cash flow yield	3.0%	27.7%	2.7%	7.7%	7.0%	22.0%	1.7%	-3.2%
Earnings yield	-28.7%	-37.1%	6.8%	6.2%	1.4%	1.1%	9.3%	6.0%
Enterprise value	€393.6M	€400.7M	€637.9M	€512.1M	€665.6M	€515.7M	€541.9M	€917.2M
Net debt / EBITDA	11.52×	12.42×	1.83×	1.81×	2.1×	2.75×	1.36×	1.3×
Cash conversion cycle (days)	100	31	114	24	107	54	74	71