Brenntag SE (BNR.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

+48.1%

€92.95

vs €62.76 price

Levered DCF

€94.91

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.94

Grey 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	27.08×	15.6×	17.59×	10.4×	27.44×	20.97×	16.05×	12.84×
P/B	1.66×	1.77×	2.92×	1.94×	3.14×	2.76×	2.13×	1.8×
P/S	0.47×	0.52×	0.75×	0.47×	0.85×	0.83×	0.58×	0.47×
EV / EBITDA	8.32×	8.25×	9.56×	6.54×	13.88×	11.11×	9.36×	8.68×
Gross margin	12.9%	24.8%	23.9%	22.2%	23.5%	23.5%	21.4%	20.7%
Operating margin	4.8%	5.6%	6.7%	7.1%	5.2%	6.1%	5.6%	5.7%
Net margin	1.7%	3.3%	4.3%	4.6%	3.1%	4.0%	3.6%	3.7%
Current ratio	1.92×	1.46×	1.53×	1.83×	1.41×	1.69×	1.82×	1.84×
Debt / equity	0.76×	0.71×	0.56×	0.62×	0.68×	0.57×	0.72×	0.64×
Interest coverage	5.32×	6.67×	9.74×	14.11×	12.39×	10.66×	8.13×	8.76×
Dividend yield	4.2%	3.6%	2.4%	2.4%	1.7%	2.0%	2.5%	2.9%
Payout ratio	114.6%	56.5%	42.6%	25.3%	46.5%	41.4%	39.7%	36.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.1%	11.3%	16.6%	18.7%	11.5%	13.1%	13.3%	14.1%
Return on invested capital	4.7%	7.4%	10.6%	11.9%	7.1%	8.5%	7.8%	9.0%
Return on assets	2.4%	4.6%	6.9%	7.8%	4.4%	5.7%	5.4%	6.0%
Free cash flow yield	9.4%	6.7%	10.7%	7.5%	1.5%	10.4%	9.0%	3.3%
Earnings yield	3.7%	6.4%	5.7%	9.6%	3.6%	4.8%	6.2%	7.8%
Enterprise value	€9.6B	€11B	€14.4B	€11.1B	€14.3B	€11.1B	€9.5B	€7.6B
Net debt / EBITDA	2.13×	1.96×	1.21×	1.11×	1.91×	1.3×	1.98×	1.95×
Cash conversion cycle (days)	53	56	49	57	65	54	5	-1