Delticom AG (DEX.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

-372.6%

-€6.16

vs €2.26 price

Levered DCF

€12.46

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.15

Grey 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	7.29×	7.93×	4.09×	12.42×	13.06×	10.98×	-1.47×	-61.58×
P/B	0.55×	0.61×	0.69×	0.88×	2.38×	5.39×	6.82×	1.87×
P/S	0.06×	0.06×	0.07×	0.07×	0.15×	0.14×	0.09×	0.14×
EV / EBITDA	15.38×	5.65×	3.71×	6.66×	8.37×	10.76×	-22.07×	13.31×
Gross margin	22.4%	29.3%	19.6%	21.6%	26.8%	28.8%	21.6%	21.8%
Operating margin	-0.7%	-1.8%	-2.3%	3.5%	5.1%	5.9%	-2.3%	3.1%
Net margin	0.8%	0.8%	1.7%	0.6%	1.2%	1.2%	-6.2%	-0.2%
Current ratio	0.86×	0.9×	0.85×	0.77×	0.8×	0.56×	0.66×	0.83×
Debt / equity	1.31×	1.72×	1.17×	1.85×	1.65×	6.82×	11.19×	0.63×
Interest coverage	-1.25×	-3.28×	-4.24×	9.3×	13.25×	11.22×	-9.18×	3.05×
Dividend yield	5.9%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1.4%
Payout ratio	43.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-85.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.5%	7.8%	16.8%	7.1%	18.2%	48.8%	-465.1%	-3.0%
Return on invested capital	-1.5%	-3.4%	-8.3%	16.5%	39.6%	37.8%	-15.1%	-103.4%
Return on assets	1.7%	1.7%	4.2%	1.4%	3.1%	3.4%	-20.6%	-0.6%
Free cash flow yield	26.1%	-3.2%	83.8%	-23.2%	18.3%	46.8%	-47.4%	-20.5%
Earnings yield	13.6%	12.8%	24.5%	8.0%	7.7%	9.1%	-68.2%	-1.6%
Enterprise value	€98M	€115.8M	€81M	€105.6M	€144.4M	€162.8M	€144.6M	€119.6M
Net debt / EBITDA	10.69×	4.11×	2.21×	4.45×	3.26×	5.85×	-13.4×	3.06×
Cash conversion cycle (days)	17	10	-7	3	-20	-6	13	-8