Dermapharm Holding SE (DMP.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

+21.2%

€47.23

vs €38.95 price

Levered DCF

€43.70

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.99

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	16×	18.44×	36.74×	15.07×	22.96×	35.82×	27.8×	17.01×
P/B	3.05×	3.47×	4.26×	3.8×	9.67×	9.53×	7.68×	5.07×
P/S	1.82×	1.77×	2.02×	1.97×	5.1×	3.86×	3.05×	2.24×
EV / EBITDA	9.44×	9.31×	12.11×	7.24×	14.65×	19.51×	15.35×	10.23×
Gross margin	33.6%	65.0%	63.3%	64.5%	65.8%	58.4%	54.7%	52.4%
Operating margin	19.0%	18.4%	16.1%	23.8%	31.7%	17.2%	17.1%	18.8%
Net margin	11.4%	9.6%	5.5%	13.1%	22.2%	10.8%	11.0%	13.2%
Current ratio	2.05×	1.82×	1.6×	2.45×	3.34×	3.01×	3.45×	2.54×
Debt / equity	1.52×	1.62×	2×	0.97×	1.17×	1.88×	1.99×	1.21×
Interest coverage	4.21×	3.71×	3.07×	17.57×	30.3×	12.89×	10.97×	14.21×
Dividend yield	2.3%	2.3%	2.5%	5.8%	1.0%	1.4%	1.9%	0.0%
Payout ratio	36.6%	41.6%	90.6%	87.0%	22.6%	50.2%	53.7%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	19.1%	18.8%	11.6%	25.3%	42.1%	26.7%	27.7%	29.8%
Return on invested capital	8.0%	7.6%	5.5%	12.5%	16.9%	8.4%	8.9%	12.3%
Return on assets	6.0%	5.5%	2.9%	9.5%	14.9%	7.0%	7.4%	10.7%
Free cash flow yield	6.6%	7.8%	7.8%	12.4%	3.9%	2.9%	2.5%	10.4%
Earnings yield	6.2%	5.4%	2.7%	6.6%	4.4%	2.8%	3.6%	5.9%
Enterprise value	€3B	€3B	€3.2B	€2.4B	€5.2B	€3.6B	€2.6B	€1.4B
Net debt / EBITDA	2.7×	2.71×	3.47×	1.11×	1.18×	2.67×	2.62×	0.68×
Cash conversion cycle (days)	148	249	236	232	243	194	185	139