Cancom SE (COK.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

+152.7%

€53.58

vs €21.20 price

Levered DCF

€50.38

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.9

Grey 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	28.97×	23.47×	28.7×	30.4×	50.62×	28.35×	50.58×	23.9×
P/B	1.53×	1.36×	1.5×	1.41×	2.8×	2.85×	3.22×	2.61×
P/S	0.49×	0.45×	0.71×	0.75×	1.73×	1.05×	1.2×	0.73×
EV / EBITDA	9.18×	6.89×	8.83×	7.06×	12.97×	12.82×	13.29×	8.79×
Gross margin	7.1%	39.9%	37.2%	33.5%	32.8%	28.5%	28.5%	27.8%
Operating margin	1.6%	2.8%	3.7%	3.8%	5.9%	3.9%	5.9%	4.7%
Net margin	1.7%	1.9%	2.4%	2.4%	3.4%	3.7%	2.4%	3.1%
Current ratio	1.15×	1.24×	1.52×	2×	2.29×	1.52×	1.55×	1.28×
Debt / equity	0.38×	0.34×	0.29×	0.2×	0.16×	0.19×	0.14×	0.12×
Interest coverage	3.21×	6.92×	9.59×	10.83×	12.7×	16.78×	29.76×	30.54×
Dividend yield	3.8%	4.5%	3.3%	3.6%	1.3%	1.1%	0.9%	1.7%
Payout ratio	109.9%	104.9%	96.1%	114.9%	64.5%	31.2%	47.9%	41.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.3%	5.8%	5.1%	4.4%	5.5%	10.1%	6.3%	11.0%
Return on invested capital	2.6%	3.9%	3.6%	3.9%	4.9%	6.3%	8.4%	9.0%
Return on assets	2.0%	2.4%	2.4%	2.4%	3.2%	4.9%	3.0%	5.1%
Free cash flow yield	14.7%	21.8%	6.7%	-8.1%	1.7%	1.8%	5.2%	4.8%
Earnings yield	3.4%	4.3%	3.4%	3.1%	2.0%	3.5%	2.0%	4.2%
Enterprise value	€841.7M	€832.6M	€1.1B	€731.3M	€1.8B	€1.5B	€1.6B	€926.3M
Net debt / EBITDA	0.07×	0.41×	-0.09×	-2.42×	-3.87×	-1.85×	-2.38×	-0.83×
Cash conversion cycle (days)	29	-9	24	20	-12	-17	-23	-12