Ceconomy AG (CECV.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

+892.2%

€45.05

vs €4.54 price

Levered DCF

€27.28

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.42

Grey zone

Rating

C-

Overall 1 / 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	-61.17×	23.57×	-47.51×	14.94×	6.13×	-5.8×	11.22×	57.44×
P/B	4.4×	3.64×	4×	3.14×	1.92×	2.75×	1.79×	1.84×
P/S	0.09×	0.08×	0.08×	0.09×	0.06×	0.06×	0.06×	0.06×
EV / EBITDA	3.85×	3.96×	4.07×	4.16×	3.11×	2.48×	1.1×	1.31×
Gross margin	15.1%	17.6%	14.7%	14.3%	17.1%	18.1%	19.3%	19.1%
Operating margin	1.3%	1.1%	-0.2%	-0.4%	-0.1%	0.2%	0.2%	1.1%
Net margin	-0.2%	0.3%	-0.2%	0.6%	1.1%	-1.1%	0.6%	-0.4%
Current ratio	0.9×	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×	4.98×	0.4×	0.64×
Interest coverage	1.96×	0×	-0.25×	-1.18×	0×	0×	0.9×	8.18×
Dividend yield	0.1%	0.3%	0.1%	3.4%	1.5%	1.8%	0.0%	6.7%
Payout ratio	-5.7%	6.6%	-5.1%	50.0%	9.1%	-10.3%	0.0%	-90.4%

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%	-47.6%	16.0%	-13.7%
Return on invested capital	-10.9%	6.2%	-1.0%	1.5%	-0.6%	1.1%	1.3%	4.9%
Return on assets	-0.3%	0.7%	-0.4%	1.3%	2.2%	-2.2%	1.5%	-1.1%
Free cash flow yield	32.2%	26.5%	40.3%	-2.4%	22.6%	80.0%	-6.5%	38.1%
Earnings yield	-1.6%	4.0%	-2.1%	6.8%	17.0%	-17.3%	9.0%	-7.4%
Enterprise value	€4.1B	€3.8B	€3.7B	€3.8B	€3.1B	€2.7B	€525.3M	€684.4M
Net debt / EBITDA	1.47×	1.84×	1.94×	2.16×	1.51×	1.02×	-2.03×	-1.51×
Cash conversion cycle (days)	-37	-38	-33	-29	-36	-48	-41	-47