BKS Bank AG (BKS.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

+873.2%

€214.09

vs €22.00 price

Levered DCF

€18.52

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.4

Distress zone

Rating

B+

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	5.71×	4.52×	4.1×	9.26×	7.72×	7.02×	7.24×	9.02×
P/B	0.42×	0.38×	0.41×	0.38×	0.44×	0.39×	0.52×	0.58×
P/S	1.91×	1.47×	1.61×	2.26×	2.57×	2.15×	2.86×	3.25×
EV / EBITDA	10.38×	3.67×	5.22×	6.92×	0.74×	2.16×	7.06×	7.22×
Gross margin	71.5%	65.3%	73.0%	88.6%	88.8%	87.9%	87.3%	85.8%
Operating margin	37.4%	37.9%	46.0%	30.1%	38.4%	34.8%	43.8%	40.6%
Net margin	32.8%	32.5%	39.2%	23.2%	32.0%	29.6%	39.4%	36.1%
Current ratio	0.51×	0.12×	0.08×	0.48×	0.19×	0.15×	0.09×	0.09×
Debt / equity	0.96×	0.59×	0.61×	0.67×	0.63×	0.6×	0.61×	0.55×
Interest coverage	1.31×	1.09×	1.7×	2.63×	3.44×	2.89×	3.46×	2.86×
Dividend yield	2.2%	2.2%	1.5%	1.6%	0.8%	0.0%	1.4%	1.3%
Payout ratio	12.7%	10.0%	6.0%	16.0%	6.3%	0.3%	10.4%	11.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.2%	8.3%	9.9%	3.9%	5.4%	5.3%	7.1%	6.4%
Return on invested capital	1.3%	5.0%	5.8%	5.5%	3.2%	3.1%	4.0%	3.6%
Return on assets	1.3%	1.4%	1.6%	0.6%	0.8%	0.7%	1.0%	0.9%
Free cash flow yield	11.9%	54.9%	-33.2%	-98.8%	50.8%	114.6%	-22.6%	9.9%
Earnings yield	17.1%	22.1%	24.4%	10.3%	12.5%	13.8%	13.8%	11.1%
Enterprise value	€2.1B	€902.1M	€1.2B	€774.2M	€100.9M	€238.3M	€915.2M	€790.6M
Net debt / EBITDA	6.24×	0.72×	2.1×	1.64×	-4×	-2.6×	1.87×	0.86×
Cash conversion cycle (days)	-44	-32	-54	-11,258	14	6	7	6