CA Immobilien Anlagen AG (CAI.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

-58.8%

€8.72

vs €21.20 price

Levered DCF

€33.84

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.78

Distress zone

Rating

A-

Overall 4 / 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	11.67×	-34.29×	-14.23×	37.8×	6.75×	11.48×	8.85×	9.03×
P/B	0.84×	0.89×	1.17×	0.85×	0.98×	0.93×	1.17×	1.04×
P/S	7.15×	7.01×	7.54×	10.2×	10.92×	8.57×	11.88×	9.03×
EV / EBITDA	20.66×	-247.13×	-21.66×	27.34×	7.34×	12.07×	8.75×	9.91×
Gross margin	69.1%	67.3%	76.7%	74.8%	77.1%	70.6%	73.5%	66.3%
Operating margin	54.7%	-2.9%	-51.5%	26.7%	252.8%	110.3%	216.0%	145.1%
Net margin	61.2%	-20.4%	-53.1%	27.1%	161.8%	74.6%	134.1%	100.2%
Current ratio	2.48×	2.38×	1.72×	2.29×	1.03×	3.01×	1.38×	1.21×
Debt / equity	0.88×	1.06×	0.98×	0.84×	0.79×	0.9×	0.71×	0.74×
Interest coverage	2.78×	-0.17×	-4×	1.44×	14.62×	8.49×	14.39×	11.67×
Dividend yield	4.4%	3.4%	10.9%	8.9%	10.9%	3.2%	2.4%	2.7%
Payout ratio	52.0%	-117.9%	-155.3%	333.6%	73.5%	36.6%	21.3%	24.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.2%	-2.6%	-8.2%	2.2%	14.6%	8.1%	13.3%	11.6%
Return on invested capital	3.0%	-0.1%	-2.7%	0.7%	8.0%	4.1%	8.1%	6.8%
Return on assets	3.4%	-1.1%	-3.6%	1.1%	6.7%	3.7%	6.7%	5.7%
Free cash flow yield	7.9%	5.4%	6.1%	5.1%	4.6%	6.3%	3.3%	3.9%
Earnings yield	8.6%	-2.9%	-7.0%	2.7%	14.8%	8.7%	11.3%	11.1%
Enterprise value	€3.8B	€4.4B	€5.2B	€4.8B	€5.2B	€4.8B	€5.1B	€4.3B
Net debt / EBITDA	9.09×	-117.76×	-8.36×	11.29×	2.76×	4.77×	2.83×	3.61×
Cash conversion cycle (days)	20	71	39	398	397	106	220	191