BTV Vier Länder Bank AG (BTS.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

+150.9%

€200.68

vs €80.00 price

Levered DCF

€23.08

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.61

Distress zone

Rating

C+

Overall 2 / 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	16.43×	9.54×	8.91×	15.78×	13.28×	19.15×	7.93×	7.18×
P/B	0.98×	0.85×	0.76×	0.63×	0.58×	0.59×	0.58×	0.47×
P/S	3.47×	2.5×	3.89×	2.84×	3.4×	2.99×	2.7×	2.29×
EV / EBITDA	8.96×	0.45×	0×	-1.49×	-6.49×	-8.21×	4.53×	8.67×
Gross margin	63.1%	61.2%	100.0%	83.2%	83.9%	88.1%	87.7%	89.0%
Operating margin	14.3%	31.9%	38.6%	23.1%	29.5%	15.8%	39.7%	42.9%
Net margin	21.1%	26.2%	43.7%	18.0%	25.7%	15.7%	34.1%	31.9%
Current ratio	12.93×	0.29×	0.29×	0.25×	0.28×	0.28×	0.16×	0.1×
Debt / equity	0.98×	0.49×	0.48×	0.52×	0.61×	0.67×	0.72×	0.7×
Interest coverage	0.45×	0.82×	0.72×	1.38×	1.84×	1.32×	3.22×	3.9×
Dividend yield	0.9%	0.7%	0.7%	0.8%	0.4%	0.4%	1.0%	1.2%
Payout ratio	14.5%	6.8%	6.4%	12.6%	5.1%	7.6%	8.2%	8.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.9%	9.0%	8.6%	4.0%	4.4%	3.1%	7.3%	6.5%
Return on invested capital	0.5%	4.9%	3.4%	2.2%	2.3%	1.5%	3.6%	3.2%
Return on assets	1.0%	1.4%	1.3%	0.6%	0.6%	0.4%	1.0%	0.9%
Free cash flow yield	-0.7%	9.5%	29.6%	-47.0%	-1.6%	155.5%	100.4%	62.9%
Earnings yield	6.1%	10.5%	11.2%	6.3%	7.5%	5.2%	12.6%	13.9%
Enterprise value	€1.3B	€135.4M	-€220M	-€205.6M	-€802.4M	-€713.7M	€784.5M	€993.2M
Net debt / EBITDA	-8.54×	-6.41×	0×	-10.75×	-15.13×	-19.98×	-1.15×	2.15×
Cash conversion cycle (days)	0	-13	26	0	0	0	0	0