DF Deutsche Forfait AG (DFTK.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

+647.2%

€10.24

vs €1.37 price

Levered DCF

-€2.95

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

2.29

Grey 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	-5.65×	9.31×	13.36×	4.36×	2.84×	2.07×	6.04×	-0.86×
P/B	0.4×	0.58×	0.77×	0.85×	0.87×	0.91×	2.25×	0.29×
P/S	1.01×	1.69×	0.75×	2.1×	1.93×	1.58×	1.56×	0.47×
EV / EBITDA	0.24×	0.99×	-0.78×	2.31×	4.95×	0.59×	1.66×	1.16×
Gross margin	43.8%	90.8%	28.5%	95.3%	93.5%	94.6%	70.3%	-43.6%
Operating margin	9.8%	36.6%	12.2%	54.9%	53.7%	42.4%	47.2%	-58.5%
Net margin	-17.6%	17.9%	5.6%	48.6%	67.9%	76.6%	26.2%	-54.2%
Current ratio	7.87×	7.82×	9.36×	12.43×	14.98×	10.9×	7.1×	1.47×
Debt / equity	0.35×	0.5×	0.56×	0.59×	0.74×	0.99×	1.78×	0×
Interest coverage	2.3×	5.21×	4.59×	15.21×	40.29×	41.34×	244.19×	-105.06×
Dividend yield	6.3%	0.0%	2.1%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	-35.8%	0.0%	28.6%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-6.9%	6.1%	5.8%	19.6%	30.5%	44.3%	37.8%	-32.9%
Return on invested capital	2.8%	4.4%	3.8%	11.9%	13.8%	12.3%	13.6%	-33.9%
Return on assets	-4.5%	3.6%	3.4%	11.5%	16.6%	20.5%	11.8%	-13.5%
Free cash flow yield	4.4%	-55.8%	82.3%	71.9%	-103.5%	19.6%	32.0%	-154.0%
Earnings yield	-17.4%	10.6%	7.5%	23.2%	35.1%	48.5%	16.8%	-114.2%
Enterprise value	€431.9K	€4.6M	-€3.5M	€16M	€28.7M	€2.3M	€10M	-€2M
Net debt / EBITDA	-6.11×	-2.86×	-5.69×	-1.05×	1.63×	-3.05×	-1.54×	2.04×
Cash conversion cycle (days)	77	-22	15	465	900	-214	-58	295