DEFAMA Deutsche Fachmarkt AG (DEF.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

-857.3%

-€138.97

vs €18.35 price

Levered DCF

-€106.44

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

0.53

Distress zone

Rating

C+

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	23.97×	29.17×	28.16×	20×	24.39×	34.56×	32.35×	26.04×
P/B	2.84×	3×	2.75×	2.64×	4.43×	3.51×	2.75×	2.71×
P/S	4.92×	5.62×	4.77×	6.13×	8.19×	6.89×	6×	4.8×
EV / EBITDA	15.55×	17.78×	17.56×	17.06×	18.41×	21.45×	19.34×	19.57×
Gross margin	73.9%	74.1%	63.8%	75.9%	73.0%	75.6%	76.4%	75.0%
Operating margin	50.4%	40.2%	39.6%	57.2%	60.8%	44.6%	63.2%	61.2%
Net margin	20.5%	19.3%	16.9%	30.5%	33.6%	19.8%	18.4%	18.6%
Current ratio	0.23×	0.38×	1.03×	9.94×	2.74×	12.15×	3.55×	5.26×
Debt / equity	4.25×	4.29×	3.87×	3.78×	4.49×	4.44×	3.15×	4.24×
Interest coverage	2.1×	1.82×	2.31×	3.46×	3.49×	2.63×	4.08×	4.13×
Dividend yield	2.2%	2.1%	2.2%	2.3%	1.7%	2.3%	2.3%	2.8%
Payout ratio	51.6%	59.9%	62.4%	45.4%	42.1%	79.4%	75.9%	71.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.9%	10.3%	9.8%	13.2%	18.2%	10.1%	8.5%	10.5%
Return on invested capital	4.2%	2.9%	3.4%	3.8%	4.4%	2.9%	5.2%	4.9%
Return on assets	2.2%	1.9%	1.9%	2.7%	3.2%	1.8%	2.0%	2.0%
Free cash flow yield	-9.0%	-20.6%	-8.3%	-31.7%	-16.4%	-37.8%	-18.4%	-64.0%
Earnings yield	4.2%	3.4%	3.6%	5.0%	4.1%	2.9%	3.1%	3.9%
Enterprise value	€332.4M	€321.6M	€278.8M	€259.1M	€246M	€193M	€136.4M	€108.4M
Net debt / EBITDA	9.29×	10.43×	10.19×	9.93×	9.21×	11.78×	9.86×	11.73×
Cash conversion cycle (days)	-27	-33	-44	227	65	155	77	60