Deutsche Post AG (DHL.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

+8.1%

€63.50

vs €58.72 price

Levered DCF

€46.52

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.65

Grey zone

Rating

B+

Overall 3 / 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	15.12×	11.88×	14.47×	7.98×	13.79×	16.8×	15.97×	14.2×
P/B	2.38×	1.67×	2.37×	1.84×	3.66×	3.64×	2.97×	2.17×
P/S	0.64×	0.47×	0.65×	0.45×	0.85×	0.75×	0.66×	0.48×
EV / EBITDA	6.73×	5.58×	6.53×	4.81×	7.42×	8.67×	9.05×	7.93×
Gross margin	10.9%	10.2%	10.8%	12.0%	12.9%	11.0%	9.8%	9.4%
Operating margin	4.8%	4.6%	5.4%	7.0%	8.0%	5.5%	3.9%	3.3%
Net margin	4.2%	4.0%	4.5%	5.7%	6.2%	4.5%	4.1%	3.4%
Current ratio	0.98×	0.95×	0.95×	0.99×	1.09×	1.05×	0.89×	0.95×
Debt / equity	1.15×	0.94×	0.93×	0.87×	1×	1.33×	1.15×	1.15×
Interest coverage	3.85×	4.08×	5.28×	10.09×	10.8×	5.93×	3.79×	3.53×
Dividend yield	4.0%	5.5%	4.1%	5.2%	2.4%	2.8%	3.4%	4.8%
Payout ratio	60.6%	65.1%	60.0%	41.1%	33.1%	47.7%	54.1%	67.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.8%	14.0%	16.4%	23.1%	26.5%	21.6%	18.6%	15.3%
Return on invested capital	5.0%	5.2%	5.9%	9.8%	10.6%	6.8%	5.2%	4.8%
Return on assets	4.7%	4.8%	5.5%	7.8%	7.9%	5.4%	5.0%	4.1%
Free cash flow yield	10.6%	14.6%	11.0%	16.5%	9.0%	9.5%	5.8%	10.7%
Earnings yield	6.6%	8.4%	6.9%	12.5%	7.3%	5.9%	6.2%	7.0%
Enterprise value	€75.1B	€59.9B	€70.5B	€61.1B	€87.1B	€64B	€55.3B	€42.1B
Net debt / EBITDA	1.98×	1.89×	1.59×	1.45×	1.48×	1.88×	2.19×	2.37×
Cash conversion cycle (days)	24	16	18	15	12	14	7	4