Friwo AG (CEA.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

-189.3%

-€3.18

vs €3.56 price

Levered DCF

-€9.46

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.67

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	3.39×	-31.23×	-21.19×	735.79×	-22.77×	-27.36×	-11.9×	33.04×
P/B	3.14×	58.29×	25.35×	15.11×	26.77×	31.92×	12.33×	6.91×
P/S	0.61×	2.1×	2.2×	2.04×	2.39×	1.53×	1.41×	1.46×
EV / EBITDA	15.79×	6,185.37×	-87.04×	45.75×	-67.06×	475.63×	-13.49×	17.39×
Gross margin	17.7%	12.9%	10.0%	9.6%	4.5%	7.0%	3.5%	14.7%
Operating margin	-0.1%	-4.1%	-2.1%	2.6%	-7.3%	-3.4%	-6.9%	6.3%
Net margin	18.0%	-6.7%	-10.4%	0.3%	-10.5%	-5.5%	-11.8%	4.4%
Current ratio	1.95×	1.2×	1.3×	1.29×	1.13×	1.04×	0.9×	1.66×
Debt / equity	0.74×	9.87×	3.56×	1.54×	4.06×	6.1×	2.15×	0.57×
Interest coverage	-0.03×	-1.08×	-0.68×	1.88×	-3.35×	-2.48×	-8.39×	15.72×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	2.3%	1.8%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-27.2%	57.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	92.4%	-186.8%	-119.4%	2.1%	-117.6%	-116.0%	-103.6%	21.0%
Return on invested capital	-0.3%	-8.8%	-5.1%	2.1%	-15.1%	-9.3%	-12.1%	13.1%
Return on assets	32.9%	-9.8%	-16.2%	0.5%	-13.9%	-9.0%	-18.2%	8.1%
Free cash flow yield	-3.3%	0.9%	0.5%	-2.0%	-8.5%	-4.1%	-0.1%	-0.3%
Earnings yield	29.4%	-3.2%	-4.7%	0.1%	-4.4%	-3.6%	-8.4%	3.0%
Enterprise value	€52.6M	€222.7M	€274.3M	€407.9M	€273.8M	€176.5M	€152.4M	€187.6M
Net debt / EBITDA	1.56×	767.83×	-9.4×	3.54×	-8.22×	66.77×	-1.56×	1.12×
Cash conversion cycle (days)	83	67	102	86	117	85	80	94