Cenit AG (CSH.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

+797.8%

€77.21

vs €8.60 price

Levered DCF

€47.73

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.35

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	-52.43×	-852.94×	22.69×	16.27×	27.16×	45×	16.71×	18.87×
P/B	1.55×	1.44×	2.42×	2.38×	2.7×	2.51×	2.88×	2.96×
P/S	0.29×	0.29×	0.55×	0.63×	0.79×	0.74×	0.67×	0.66×
EV / EBITDA	5.88×	6.92×	8.89×	7.66×	8.93×	9.27×	7.24×	7.88×
Gross margin	9.9%	23.7%	14.3%	10.6%	11.2%	12.0%	14.6%	16.0%
Operating margin	1.3%	3.6%	5.0%	3.9%	4.3%	2.6%	5.4%	5.3%
Net margin	-0.6%	-0.0%	2.4%	3.9%	2.9%	1.6%	4.0%	3.5%
Current ratio	1.06×	1.4×	1.5×	0.95×	1.7×	1.86×	1.62×	1.62×
Debt / equity	1.05×	1.21×	1.15×	0.77×	0.25×	0.29×	0.35×	0×
Interest coverage	0.87×	2.74×	4.95×	11.72×	25.44×	16.14×	30.86×	127.15×
Dividend yield	0.0%	0.6%	4.1%	6.1%	3.4%	0.0%	4.4%	7.5%
Payout ratio	0.0%	-471.8%	93.1%	99.9%	92.5%	0.0%	73.1%	140.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-3.1%	-0.2%	10.6%	14.7%	9.9%	5.5%	17.3%	15.7%
Return on invested capital	3.1%	1.7%	6.6%	5.4%	7.4%	4.3%	16.8%	16.4%
Return on assets	-0.8%	-0.0%	2.9%	4.9%	4.6%	2.8%	7.7%	7.5%
Free cash flow yield	20.3%	14.5%	3.9%	10.0%	6.5%	10.9%	8.0%	7.1%
Earnings yield	-2.0%	-0.1%	4.4%	6.2%	3.7%	2.2%	6.0%	5.3%
Enterprise value	€86.8M	€95.1M	€126.7M	€115M	€100.2M	€91.4M	€110.3M	€94.1M
Net debt / EBITDA	1.72×	2.51×	1.7×	0.86×	-1.4×	-1.43×	-0.28×	-1.51×
Cash conversion cycle (days)	46	47	60	49	65	47	51	51