Deutsche Beteiligungs AG (DBAN.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

-166.2%

-€12.34

vs €18.64 price

Levered DCF

-€13.39

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.36

Distress zone

Rating

Overall 2 / 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	17.7×	9.88×	5.6×	-4.15×	3.33×	-27.79×	11.38×	18.04×
P/B	0.62×	0.68×	0.88×	0.7×	0.88×	1.1×	1.13×	1.13×
P/S	12.14×	4.12×	3.68×	-7.71×	2.75×	26.99×	6.28×	7.86×
EV / EBITDA	47.66×	10.55×	5.29×	-4.54×	3.12×	-32.43×	10.47×	15.73×
Gross margin	-149.8%	94.5%	97.9%	102.2%	99.3%	95.4%	99.1%	98.9%
Operating margin	75.9%	43.8%	67.5%	182.5%	82.7%	-91.3%	54.2%	46.5%
Net margin	75.2%	41.7%	65.8%	185.6%	82.4%	-97.0%	55.1%	46.5%
Current ratio	17.26×	6.59×	29.73×	72.04×	221.57×	182.94×	175.72×	3×
Debt / equity	0.36×	0.2×	0.02×	0.07×	0.01×	0.04×	0×	0×
Interest coverage	2.54×	7.93×	32.72×	-84.51×	124.73×	-19.75×	57.58×	42.35×
Dividend yield	5.6%	4.0%	2.5%	7.4%	2.0%	4.8%	4.2%	4.2%
Payout ratio	90.1%	39.6%	14.2%	-30.8%	6.5%	-134.7%	47.6%	70.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.9%	6.9%	15.8%	-16.8%	26.5%	-4.0%	10.0%	6.7%
Return on invested capital	2.5%	5.2%	15.0%	-14.9%	25.2%	-3.2%	9.2%	6.3%
Return on assets	2.7%	5.2%	14.9%	-15.1%	25.2%	-3.5%	9.3%	6.2%
Free cash flow yield	-4.7%	2.6%	1.5%	7.1%	-1.3%	-1.5%	-2.4%	1.9%
Earnings yield	6.2%	10.1%	17.9%	-24.1%	30.0%	-3.6%	8.8%	5.9%
Enterprise value	€613.3M	€585.1M	€585.4M	€428.5M	€583.4M	€465.8M	€478.2M	€478.4M
Net debt / EBITDA	16.69×	2.07×	-0.06×	-0.25×	-0.18×	0.04×	-0.96×	-0.78×
Cash conversion cycle (days)	143	-258	-96	-331	-18	35,252	-85	-5,524