Ecotel Communication Ag (E4C.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

+182.8%

€18.67

vs €6.60 price

Levered DCF

€33.80

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.36

Safe zone

Rating

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	118,000×	23.51×	8.25×	7.26×	28.38×	36.43×	26.4×	57.69×
P/B	1.79×	1.95×	2.59×	1.31×	5.59×	1.81×	1.23×	1.36×
P/S	0.34×	0.41×	0.58×	1.16×	1.91×	0.36×	0.28×	0.27×
EV / EBITDA	15.49×	6.67×	5.15×	2×	13.77×	3.57×	3.49×	3.48×
Gross margin	12.8%	28.7%	30.6%	34.0%	25.1%	38.7%	41.1%	32.8%
Operating margin	-1.2%	2.5%	7.2%	19.1%	4.7%	4.1%	1.8%	2.2%
Net margin	0.0%	1.7%	7.0%	72.4%	6.7%	1.0%	1.1%	0.5%
Current ratio	0.78×	0.85×	0.96×	4.06×	1.15×	0.94×	1.05×	1.16×
Debt / equity	0.22×	0.28×	0.27×	0.07×	0.41×	0.67×	0.87×	0.29×
Interest coverage	-2.69×	8.23×	25.49×	69.18×	10.13×	8.41×	3×	7.73×
Dividend yield	2.4%	3.5%	107.5%	7.3%	0.4%	0.0%	2.0%	1.7%
Payout ratio	204212.2%	82.1%	889.4%	11.7%	10.3%	0.0%	51.2%	101.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	0.0%	8.3%	31.3%	82.1%	19.7%	5.0%	4.7%	2.3%
Return on invested capital	0.0%	6.0%	16.2%	13.1%	5.4%	7.0%	2.6%	4.8%
Return on assets	0.0%	3.7%	15.7%	62.3%	7.8%	1.9%	1.6%	1.0%
Free cash flow yield	-0.5%	1.2%	3.6%	21.3%	7.6%	12.0%	15.2%	3.3%
Earnings yield	0.0%	4.3%	12.1%	62.5%	3.5%	2.8%	3.8%	1.7%
Enterprise value	€45.8M	€51.6M	€64.1M	€47.1M	€132.9M	€41.3M	€31.2M	€25.9M
Net debt / EBITDA	1.34×	0.58×	0.22×	-2.6×	-0.27×	0.47×	0.9×	-0.06×
Cash conversion cycle (days)	-9	-22	-17	-23	-27	-24	-41	-19