Deutsche EuroShop AG (DEQ.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

-41.7%

€9.48

vs €16.26 price

Levered DCF

€23.95

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

0.89

Distress zone

Rating

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	6.63×	11.41×	-44.22×	64.5×	15.11×	-4.53×	14.55×	19.62×
P/B	0.75×	0.75×	0.8×	0.67×	0.44×	0.57×	0.73×	0.7×
P/S	5.22×	5.18×	6.2×	6.42×	4.27×	5.09×	7.22×	6.9×
EV / EBITDA	13.72×	15.07×	819.82×	41.8×	18.88×	14.84×	32.54×	19.1×
Gross margin	81.7%	83.0%	81.9%	82.5%	84.6%	87.4%	90.4%	90.1%
Operating margin	77.5%	79.7%	75.8%	74.0%	82.4%	76.1%	88.4%	88.6%
Net margin	78.7%	45.5%	-14.0%	10.0%	28.3%	-112.3%	49.6%	35.3%
Current ratio	2.69×	3.63×	4.82×	6.48×	1.35×	1.44×	1.53×	2.49×
Debt / equity	1.1×	0.96×	0.79×	0.73×	0.73×	0.77×	0.67×	0.68×
Interest coverage	3.21×	4.41×	4.78×	4.36×	4.45×	3.9×	4.05×	3.78×
Dividend yield	14.1%	24.6%	11.3%	4.5%	0.3%	0.0%	5.7%	5.8%
Payout ratio	93.3%	280.6%	-499.4%	289.3%	4.1%	0.0%	82.7%	112.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.3%	6.6%	-1.8%	1.0%	2.9%	-12.6%	5.0%	3.6%
Return on invested capital	4.6%	4.1%	4.5%	3.4%	3.5%	3.4%	4.4%	3.4%
Return on assets	4.7%	2.8%	-0.9%	0.5%	1.4%	-5.9%	2.5%	1.7%
Free cash flow yield	9.3%	11.4%	10.3%	10.3%	14.4%	9.7%	10.4%	10.2%
Earnings yield	15.1%	8.8%	-2.3%	1.6%	6.6%	-22.1%	6.9%	5.1%
Enterprise value	€3.1B	€3B	€3B	€2.5B	€2.1B	€2.4B	€3B	€3B
Net debt / EBITDA	7.47×	8.01×	362.38×	19.06×	10.66×	7.84×	14.82×	9.08×
Cash conversion cycle (days)	-14	-33	-72	136	-57	-39	-81	-53