Doppler S.A. (DOPPLER.AT) 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

-210.0%

-€0.73

vs €0.67 price

Levered DCF

-€1.02

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.12

Distress zone

Rating

D+

Overall 1 / 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	39.86×	-15.64×	-8.73×	-42.98×	-12.35×	-2,426.1×	22.26×	-3.09×
P/B	4.65×	4.5×	23.52×	14.51×	10.72×	5.36×	2.99×	2.92×
P/S	0.51×	0.44×	0.5×	0.34×	0.35×	0.32×	0.17×	0.16×
EV / EBITDA	10.9×	45.96×	32.99×	16.69×	26.41×	17.19×	9.27×	22.62×
Gross margin	24.2%	17.9%	19.6%	20.3%	16.2%	20.1%	22.4%	15.4%
Operating margin	7.4%	-0.0%	1.7%	3.5%	1.0%	3.6%	6.6%	1.9%
Net margin	1.3%	-2.8%	-5.7%	-0.8%	-2.9%	-0.0%	0.7%	-5.0%
Current ratio	1.36×	1.41×	1.09×	1.11×	1.25×	1.37×	1.28×	1.29×
Debt / equity	4.94×	7.51×	31.59×	27.07×	22.08×	12.96×	12.93×	15.47×
Interest coverage	2.73×	-0.02×	0.34×	0.91×	0.24×	0.94×	1.58×	0.33×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	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	11.7%	-28.8%	-269.3%	-33.7%	-86.9%	-0.3%	13.4%	-94.7%
Return on invested capital	6.0%	-0.0%	2.3%	3.9%	1.1%	3.8%	2.8%	2.0%
Return on assets	1.1%	-1.9%	-4.9%	-0.6%	-2.1%	-0.0%	0.6%	-3.6%
Free cash flow yield	-14.4%	-12.2%	2.8%	19.9%	8.6%	-9.7%	30.5%	73.3%
Earnings yield	2.5%	-6.4%	-11.5%	-2.3%	-8.1%	-0.0%	4.5%	-32.4%
Enterprise value	€21.7M	€16.9M	€20.9M	€16.3M	€17.5M	€17.4M	€14.8M	€15.3M
Net debt / EBITDA	5.48×	25.27×	18.47×	10.58×	17.67×	12.1×	7.43×	18.94×
Cash conversion cycle (days)	217	278	84	78	90	92	94	118