Ceconomy AG (CEC.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

+574.9%

€29.73

vs €4.41 price

Levered DCF

€19.52

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.31

Grey zone

Rating

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	-60.89×	20.38×	-31.46×	3.87×	6.02×	-6.9×	14.62×	-9.52×
P/B	4.38×	3.07×	2.11×	0.82×	1.88×	3.11×	2.34×	2.96×
P/S	0.09×	0.07×	0.04×	0.02×	0.06×	0.07×	0.08×	0.09×
EV / EBITDA	4.04×	3.21×	2.78×	2.96×	2.74×	2.55×	1.92×	3.04×
Gross margin	15.1%	17.6%	17.7%	7.9%	7.8%	8.8%	9.9%	10.6%
Operating margin	1.3%	1.0%	0.5%	0.5%	1.8%	-0.2%	1.3%	1.8%
Net margin	-0.2%	0.3%	-0.2%	0.6%	1.1%	-1.0%	0.6%	-1.0%
Current ratio	0.88×	0.91×	0.89×	0.91×	0.94×	0.89×	0.94×	0.91×
Debt / equity	5.22×	5.1×	5.58×	4.7×	4.02×	4.97×	0.4×	0.64×
Interest coverage	1.96×	1.08×	1.16×	1.66×	5.63×	-0.83×	7.41×	14.33×
Dividend yield	0.0%	0.3%	0.3%	13.1%	1.6%	1.6%	1.6%	4.2%
Payout ratio	0.0%	6.6%	-7.7%	50.0%	9.1%	-11.0%	23.8%	-40.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-7.2%	14.7%	-8.4%	21.4%	32.5%	-44.8%	16.0%	-30.9%
Return on invested capital	-9.3%	5.6%	2.8%	2.7%	7.4%	-1.4%	10.6%	8.3%
Return on assets	-0.3%	0.7%	-0.4%	1.3%	2.2%	-2.1%	1.5%	-2.5%
Free cash flow yield	32.3%	40.8%	84.9%	2.7%	23.0%	69.7%	-3.8%	21.5%
Earnings yield	-1.6%	4.8%	-4.0%	26.2%	17.3%	-14.4%	6.8%	-10.4%
Enterprise value	€3.5B	€3.2B	€2.7B	€2.5B	€2.6B	€2.5B	€957.3M	€1.4B
Net debt / EBITDA	1.55×	1.63×	1.76×	2.39×	1.34×	0.98×	-1.66×	-1.51×
Cash conversion cycle (days)	-14	-17	-31	-20	-23	-36	-30	-42