Cnl Capital E.K.E.S. - AIFM (CNLCAP.AT) 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

+449.1%

€41.46

vs €7.55 price

Levered DCF

€7.34

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.39

Distress zone

Rating

Overall 3 / 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	20.88×	14.23×	9.56×	161.29×	19.89×	-48.61×	12.68×	162.56×
P/B	0.63×	0.66×	0.68×	0.71×	0.84×	0.85×	0.98×	0.65×
P/S	3.39×	2.83×	3.31×	5.66×	8.45×	6.35×	6.94×	9.55×
EV / EBITDA	19.08×	12.31×	11.64×	49.87×	20.27×	-922.81×	12.61×	20.86×
Gross margin	74.9%	79.1%	88.3%	70.6%	64.4%	43.0%	78.3%	68.1%
Operating margin	30.6%	72.7%	83.8%	13.6%	37.4%	-6.3%	66.1%	12.1%
Net margin	16.1%	19.8%	34.8%	3.5%	42.8%	-13.2%	54.4%	5.9%
Current ratio	0.37×	3.51×	61.27×	134.77×	55.06×	8.83×	5.42×	243.31×
Debt / equity	0.45×	0.47×	0.55×	0.28×	0.01×	0.13×	0.23×	0×
Interest coverage	2.81×	5.86×	7.44×	1.87×	28.73×	0×	27.77×	0×
Dividend yield	4.2%	6.8%	3.3%	2.0%	1.7%	1.7%	3.2%	0.7%
Payout ratio	89.0%	96.8%	31.4%	323.1%	33.0%	-82.1%	40.4%	120.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.0%	4.6%	7.1%	0.4%	4.2%	-1.8%	7.7%	0.4%
Return on invested capital	3.1%	9.1%	10.1%	0.4%	1.8%	-0.7%	3.4%	0.6%
Return on assets	2.0%	3.0%	4.5%	0.3%	4.1%	-1.5%	6.1%	0.4%
Free cash flow yield	1.5%	19.4%	-46.5%	6.4%	4.6%	67.3%	8.3%	1.3%
Earnings yield	4.8%	7.0%	10.5%	0.6%	5.1%	-2.1%	7.8%	0.6%
Enterprise value	€9M	€8.8M	€9.6M	€6.7M	€6M	€4.1M	€9.7M	€4M
Net debt / EBITDA	7.99×	4.65×	4.86×	8.33×	-2.38×	580.52×	2.11×	-6.26×
Cash conversion cycle (days)	9	-52	-35	30	-34	-10	-49	16