CeoTronics AG (CEK.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

-201.6%

-€8.94

vs €8.80 price

Levered DCF

-€0.42

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

5.53

Safe 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	14.51×	24.08×	34.44×	10.74×	14.16×	12.09×	10.48×	-44.61×
P/B	2.5×	4.05×	2.17×	1.56×	2.26×	1.79×	1.44×	1.32×
P/S	1.44×	2.06×	1.46×	0.9×	1.22×	0.96×	0.71×	0.81×
EV / EBITDA	6.75×	12.42×	15.52×	6.03×	8.67×	7.21×	7.52×	18.76×
Gross margin	44.8%	40.9%	46.8%	48.2%	49.1%	47.4%	45.6%	45.2%
Operating margin	14.4%	15.2%	8.9%	12.0%	11.4%	12.6%	10.2%	3.6%
Net margin	9.9%	8.5%	4.2%	8.4%	8.6%	7.9%	6.7%	-1.9%
Current ratio	19.25×	15.1×	1.67×	7.43×	2.49×	3.13×	1.53×	1.25×
Debt / equity	0.21×	0.25×	0.92×	0.37×	0.45×	0.41×	0.68×	0.76×
Interest coverage	34.88×	9.5×	4.3×	11.24×	14.11×	12.64×	8.04×	2.71×
Dividend yield	2.0%	0.9%	2.3%	3.7%	2.2%	0.0%	0.0%	0.0%
Payout ratio	28.5%	23.0%	79.2%	39.1%	31.6%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	17.2%	16.7%	6.3%	14.7%	16.0%	14.7%	13.7%	-3.1%
Return on invested capital	12.0%	12.9%	4.2%	8.1%	9.1%	10.3%	8.7%	-3.0%
Return on assets	11.5%	11.1%	2.9%	8.6%	8.7%	8.7%	6.8%	-1.5%
Free cash flow yield	6.1%	11.0%	-31.5%	14.3%	0.8%	12.5%	6.6%	6.8%
Earnings yield	6.9%	4.1%	2.9%	9.4%	7.1%	8.2%	9.5%	-2.3%
Enterprise value	€80.2M	€117.1M	€60.8M	€31.8M	€42.4M	€31.3M	€25.1M	€21.3M
Net debt / EBITDA	-0.07×	0.24×	4.51×	0.92×	1.41×	1.32×	2.35×	6.69×
Cash conversion cycle (days)	239	227	565	292	299	235	240	276