Basler AG (BSL.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

-94.5%

€1.20

vs €21.95 price

Levered DCF

-€0.19

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

6.58

Safe 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	41.35×	-13.6×	-24.8×	41.04×	75.61×	48×	42.16×	24.47×
P/B	3.63×	1.52×	2.43×	6.24×	12.24×	6.27×	5.25×	5.53×
P/S	2.15×	1.03×	1.68×	3.26×	7.37×	4.23×	3.35×	2.78×
EV / EBITDA	13.81×	25.42×	78.27×	20.15×	35.11×	20.82×	17.61×	11.59×
Gross margin	41.6%	45.1%	42.5%	48.7%	52.4%	52.0%	44.3%	48.8%
Operating margin	8.9%	-5.3%	-10.9%	10.7%	13.3%	11.8%	10.5%	16.5%
Net margin	5.2%	-7.5%	-6.8%	7.9%	9.8%	8.9%	8.0%	11.3%
Current ratio	2.12×	2.22×	2.96×	2.93×	3.01×	3.04×	2.35×	3.24×
Debt / equity	0.49×	0.58×	0.6×	0.48×	0.36×	0.35×	0.35×	0.39×
Interest coverage	13.32×	-5.97×	-12.21×	35.11×	57.7×	27.94×	18.64×	57.74×
Dividend yield	0.0%	0.0%	1.2%	0.7%	0.4%	0.4%	0.9%	1.6%
Payout ratio	0.0%	0.0%	-30.7%	28.9%	27.6%	17.2%	39.7%	38.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.7%	-11.1%	-9.9%	15.1%	16.2%	13.1%	12.5%	22.5%
Return on invested capital	6.6%	-4.9%	-6.2%	9.6%	11.1%	8.9%	8.5%	14.5%
Return on assets	4.6%	-5.9%	-5.4%	8.0%	9.2%	7.9%	7.1%	12.2%
Free cash flow yield	5.8%	2.6%	-2.7%	-2.0%	0.6%	3.1%	-1.8%	2.1%
Earnings yield	2.4%	-7.3%	-4.1%	2.4%	1.3%	2.1%	2.4%	4.1%
Enterprise value	€518.5M	€239.9M	€390.2M	€922.4M	€1.6B	€712.6M	€542M	€415.3M
Net debt / EBITDA	0.97×	5.38×	10.33×	0.86×	-0.18×	-0.23×	0.04×	-0.07×
Cash conversion cycle (days)	104	156	152	140	126	82	115	122