Mountain Alliance AG (ECF.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

-114.1%

-€0.35

vs €2.47 price

Levered DCF

-€0.01

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.51

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	-39.87×	-14.21×	0×	-8.89×	9.45×	11.04×	-20.52×	-14.93×
P/B	0.61×	0.65×	0×	0.61×	0.88×	0.96×	1.19×	0.83×
P/S	89.64×	128.57×	0×	2.04×	3.56×	3.6×	2.69×	1.28×
EV / EBITDA	-17.72×	-19.21×	0.11×	-29.85×	-29.94×	8.21×	-21.53×	-28.95×
Gross margin	100.0%	100.0%	100.0%	57.4%	58.0%	53.8%	45.1%	39.0%
Operating margin	13.2%	-1.7%	-217.8%	-11.7%	-17.6%	-31.8%	-18.5%	-9.2%
Net margin	-225.0%	-900.3%	-730.6%	-23.0%	37.6%	32.5%	-13.0%	-8.6%
Current ratio	0.79×	1.86×	17.86×	0.8×	0.79×	0.9×	1.62×	0.72×
Debt / equity	0×	0×	0×	0.08×	0.1×	0.36×	0.25×	0.21×
Interest coverage	0.34×	0×	0×	-11.88×	-12.62×	-16.3×	-11.97×	-10.33×
Dividend yield	0.0%	0.0%	0.0%	0.2%	0.0%	0.0%	0.0%	0.1%
Payout ratio	0.0%	0.0%	0.0%	-2.1%	0.0%	0.0%	0.0%	-2.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-1.5%	-4.6%	-3.7%	-6.9%	9.3%	8.7%	-5.7%	-5.6%
Return on invested capital	0.1%	-0.0%	-1.0%	-2.5%	-3.3%	-3.5%	-6.2%	-4.7%
Return on assets	-1.3%	-4.0%	-3.4%	-5.6%	7.5%	5.7%	-4.0%	-4.0%
Free cash flow yield	0.0%	0.0%	0.0%	-4.2%	-4.6%	-8.8%	-6.6%	-7.4%
Earnings yield	-2.5%	-7.0%	0.0%	-11.3%	10.6%	9.0%	-4.8%	-6.7%
Enterprise value	€18.2M	€18.5M	-€47.3K	€24.7M	€38.2M	€46.3M	€41.4M	€29.7M
Net debt / EBITDA	0.09×	0.08×	0.11×	-1.74×	-1.85×	1.92×	-2.65×	-3.72×
Cash conversion cycle (days)	0	59	0	-47	-46	-54	-67	11