BAWAG Group AG (BG.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

+587.1%

€1,077.31

vs €156.80 price

Levered DCF

€666.15

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.57

Distress zone

Rating

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	12.34×	8.63×	5.96×	14.78×	10.57×	12.38×	8.94×	8.18×
P/B	2.11×	1.35×	0.94×	1.09×	1.1×	0.77×	1.04×	0.89×
P/S	2.53×	4.21×	2.8×	3.14×	3.65×	2.64×	2.95×	3.05×
EV / EBITDA	10.44×	5.51×	5.19×	29.05×	15.8×	21.1×	12.09×	11.06×
Gross margin	58.3%	109.9%	224.4%	100.0%	100.0%	100.0%	100.0%	100.0%
Operating margin	28.7%	65.4%	65.0%	30.8%	45.6%	29.2%	44.9%	48.9%
Net margin	21.3%	50.2%	48.7%	23.0%	36.4%	22.5%	34.1%	37.3%
Current ratio	8.6×	0.37×	0.37×	0.01×	0.05×	0.02×	0.04×	0.03×
Debt / equity	3.84×	3.69×	3.33×	2.61×	1.73×	1.54×	1.49×	1.1×
Interest coverage	0.76×	0.55×	0.69×	1.4×	2.89×	1.85×	2.17×	1.85×
Dividend yield	4.7%	6.2%	7.8%	6.1%	9.6%	0.4%	5.4%	1.6%
Payout ratio	55.6%	51.7%	44.7%	83.9%	95.9%	5.3%	47.0%	13.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	17.8%	16.1%	16.4%	8.0%	11.0%	6.6%	12.0%	10.9%
Return on invested capital	1.2%	3.2%	3.4%	2.0%	3.5%	2.2%	4.1%	4.5%
Return on assets	1.2%	1.1%	1.2%	0.6%	0.9%	0.5%	1.0%	1.0%
Free cash flow yield	-14.3%	18.7%	32.4%	-9.3%	5.6%	43.8%	-24.6%	-31.2%
Earnings yield	8.4%	11.9%	17.4%	7.3%	10.0%	8.5%	11.6%	12.2%
Enterprise value	€14.7B	€6.2B	€5B	€14.3B	€10.5B	€9.1B	€8.2B	€6.9B
Net debt / EBITDA	3.18×	-0.14×	1.15×	20.2×	8.56×	13.38×	6.26×	5.35×
Cash conversion cycle (days)	0	13	10	10	12	17	10	7