Erste Group Bank AG (EBS.VI) 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

+162.5%

€283.52

vs €108.00 price

Levered DCF

-€319.67

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-0.52

Distress zone

Rating

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	12.49×	8.29×	5.39×	6.19×	9.92×	13.55×	10.39×	6.92×
P/B	1.85×	1.07×	0.72×	0.66×	0.98×	0.61×	0.92×	0.86×
P/S	2.11×	1.1×	0.69×	0.93×	1.91×	1.19×	1.47×	1.34×
EV / EBITDA	15.35×	6.24×	1.59×	0.04×	-3.27×	-5.41×	6×	3.15×
Gross margin	56.0%	48.5%	45.7%	61.4%	82.5%	80.0%	74.7%	74.5%
Operating margin	26.9%	22.2%	21.2%	23.5%	31.9%	15.3%	24.0%	26.9%
Net margin	17.5%	13.9%	13.3%	15.8%	20.9%	8.7%	15.1%	19.3%
Current ratio	2×	0.18×	0.22×	0.24×	0.27×	0.25×	0.15×	0.21×
Debt / equity	3.33×	2.27×	2.05×	1.89×	1.82×	1.8×	1.98×	2.07×
Interest coverage	0.61×	0.43×	0.39×	0.61×	1.82×	0.76×	0.95×	1.06×
Dividend yield	3.2%	4.9%	5.6%	5.9%	4.3%	1.1%	4.6%	4.6%
Payout ratio	38.3%	38.9%	29.0%	34.8%	39.3%	14.6%	45.1%	31.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.4%	13.5%	13.8%	11.2%	10.7%	4.5%	9.4%	12.5%
Return on invested capital	1.2%	3.9%	4.5%	-2.6%	3.7%	1.6%	3.1%	-2.7%
Return on assets	1.0%	0.9%	0.9%	0.7%	0.6%	0.3%	0.6%	0.8%
Free cash flow yield	10.1%	-144.5%	13.2%	-72.8%	61.6%	225.2%	-47.4%	-27.8%
Earnings yield	8.3%	12.6%	19.2%	17.0%	10.9%	7.4%	10.3%	14.5%
Enterprise value	€90.6B	€34.6B	€8.6B	€134M	-€11.6B	-€10.7B	€18.4B	€9.6B
Net debt / EBITDA	8.2×	1.77×	-1.29×	-3.31×	-8.25×	-10.78×	1.33×	-0.9×
Cash conversion cycle (days)	2	43	42	-2,264	85	55	53	-3,816