Sartorius Stedim Biotech S.A. (DIM.PA) 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

-89.3%

€23.43

vs €219.00 price

Levered DCF

€20.94

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

4.75

Safe zone

Rating

B-

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	76.92×	104.25×	71.28×	31.81×	107.2×	80×	58.15×	38.65×
P/B	5×	4.58×	8.37×	11.38×	26.85×	18.38×	11.75×	7.77×
P/S	6.89×	6.57×	7.95×	7.98×	15.4×	14.05×	9.45×	6.64×
EV / EBITDA	26.07×	30.5×	33.93×	21.72×	55.26×	48.08×	34.7×	22.71×
Gross margin	45.3%	43.4%	44.4%	52.0%	53.8%	52.5%	51.9%	51.9%
Operating margin	18.5%	13.3%	17.5%	31.5%	31.6%	24.7%	23.0%	24.8%
Net margin	9.0%	6.3%	11.2%	25.1%	14.4%	17.6%	16.3%	17.2%
Current ratio	1.02×	1.85×	1.51×	1.61×	1.4×	1.54×	1.48×	1.45×
Debt / equity	0.64×	0.72×	1.4×	0.46×	0.38×	0.4×	0.12×	0.14×
Interest coverage	3.6×	2.33×	4×	26.86×	38.54×	12.51×	16.64×	20.55×
Dividend yield	0.3%	0.4%	0.6%	0.4%	0.1%	0.1%	0.4%	0.5%
Payout ratio	25.3%	38.3%	42.8%	13.3%	15.1%	9.3%	22.4%	20.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.5%	4.4%	11.7%	35.8%	25.0%	23.0%	20.2%	20.1%
Return on invested capital	5.4%	4.1%	5.5%	21.1%	19.8%	14.0%	17.1%	17.3%
Return on assets	3.3%	2.1%	4.0%	17.3%	10.5%	10.9%	12.9%	13.2%
Free cash flow yield	0.7%	2.6%	0.7%	0.7%	0.8%	1.0%	1.3%	0.6%
Earnings yield	1.3%	1.0%	1.4%	3.1%	0.9%	1.3%	1.7%	2.6%
Enterprise value	€22.6B	€20.5B	€25.6B	€28.9B	€44.9B	€27.4B	€13.7B	€8.2B
Net debt / EBITDA	2.51×	3.27×	4.72×	0.77×	0.49×	0.93×	0.27×	0.35×
Cash conversion cycle (days)	121	122	186	214	190	170	173	61