Baader Bank Aktiengesellschaft (BWB.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

+232.7%

€22.36

vs €6.72 price

Levered DCF

€543.95

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.2

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	6.2×	8.44×	56.17×	23.44×	6.48×	4.41×	-125.27×	-2.72×
P/B	1.35×	1.05×	0.95×	1.26×	1.85×	1.71×	0.7×	0.79×
P/S	0.55×	0.8×	0.46×	0.82×	1.39×	0.74×	0.56×	0.48×
EV / EBITDA	4.11×	3.82×	19.66×	7.5×	-15.95×	-2.82×	0×	0×
Gross margin	50.8%	91.8%	95.5%	57.9%	139.9%	71.8%	45.8%	60.6%
Operating margin	12.7%	16.2%	-0.5%	4.3%	25.2%	21.3%	-0.1%	-15.5%
Net margin	8.9%	9.5%	0.8%	3.5%	21.3%	16.7%	-0.4%	-17.5%
Current ratio	0.6×	0.02×	2.27×	0.08×	167.71×	101.89×	50.03×	11.64×
Debt / equity	0.29×	0.32×	0.46×	0.72×	0.29×	0.69×	0.84×	1.33×
Interest coverage	0×	0×	0.02×	0×	15.93×	10.98×	-0.02×	-13.24×
Dividend yield	2.0%	0.0%	1.7%	4.2%	1.2%	0.0%	0.0%	0.0%
Payout ratio	12.5%	0.0%	94.1%	99.7%	8.1%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	21.8%	12.5%	1.7%	5.3%	28.5%	38.8%	-0.6%	-28.7%
Return on invested capital	1.6%	4.8%	-0.0%	-0.5%	2.9%	7.3%	0.2%	-5.9%
Return on assets	1.6%	0.5%	0.1%	0.4%	2.6%	5.2%	-0.1%	-3.0%
Free cash flow yield	23.7%	349.9%	1047.9%	-9.8%	292.8%	120.0%	57.2%	-7.3%
Earnings yield	16.1%	11.9%	1.8%	4.2%	15.4%	22.7%	-0.8%	-36.5%
Enterprise value	€351.6M	€191.4M	€201.6M	€163.6M	-€1B	-€200.9M	-€123.9M	-€51.9M
Net debt / EBITDA	0.43×	-0.14×	4.38×	-1.94×	-20.67×	-5.71×	0×	0×
Cash conversion cycle (days)	-18	-5	53	17	4,550	-21	1,708	-34