Bajaj Mobility AG (BMAG.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

-321.1%

-€82.93

vs €37.50 price

Levered DCF

-€135.96

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.71

Safe zone

Rating

—

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
P/E	-0.67×	22.03×	13.46×	26.83×	42.63×	19.6×	17.73×	32.07×
P/B	-3.38×	1.95×	2.52×	2.92×	4.12×	3.24×	4.02×	4.5×
P/S	0.35×	0.66×	0.94×	1.09×	0.97×	0.72×	0.82×	0.93×
EV / EBITDA	-5.14×	7.59×	6.71×	7.02×	7.79×	6.05×	7.06×	9.53×
Gross margin	-2.7%	25.7%	28.4%	28.6%	27.9%	29.3%	29.2%	30.4%
Operating margin	-63.0%	6.0%	10.8%	9.5%	7.0%	8.7%	8.8%	8.6%
Net margin	-52.7%	3.0%	7.0%	4.0%	2.3%	3.6%	4.6%	2.9%
Current ratio	0.61×	1.77×	1.34×	1.68×	1.65×	1.81×	1.65×	1.44×
Debt / equity	-9.18×	1.14×	0.59×	0.74×	1.47×	1.65×	1.39×	1.71×
Interest coverage	-9.58×	2.16×	13.67×	15.05×	7.05×	7.76×	6.96×	9.07×
Dividend yield	2.6%	4.0%	1.5%	0.5%	0.9%	0.6%	0.6%	0.6%
Payout ratio	-1.7%	88.1%	20.2%	14.1%	36.9%	12.7%	10.3%	20.7%

Key metrics by fiscal year

Metric	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
Return on equity	503.3%	8.9%	18.7%	10.9%	9.7%	16.1%	22.7%	14.1%
Return on invested capital	-58.4%	6.3%	13.0%	9.8%	6.3%	8.3%	9.2%	8.2%
Return on assets	-41.3%	2.7%	6.7%	4.1%	2.1%	3.4%	5.0%	3.0%
Free cash flow yield	-105.0%	-24.0%	1.5%	8.4%	11.1%	9.8%	-6.1%	-0.8%
Earnings yield	-148.7%	4.5%	7.4%	3.7%	2.3%	5.0%	5.6%	3.1%
Enterprise value	€2.3B	€2.5B	€2.5B	€2.4B	€1.8B	€1.5B	€1.5B	€1.8B
Net debt / EBITDA	-3.65×	2.32×	0.68×	0.55×	1.35×	1.61×	1.5×	1.98×
Cash conversion cycle (days)	101	83	36	39	54	85	84	85