pferdewetten.de AG (EMH.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

-3042.8%

-€58.86

vs €2.00 price

Levered DCF

-€108.27

After debt service

Piotroski score

1 / 9

Weak

Altman Z-score

-0.01

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
P/E	-0.7×	-7.95×	-30.75×	-442.53×	33.67×	13.8×	-74.31×	20×
P/B	-3.5×	4.71×	2.37×	4.26×	2.8×	2.88×	3.29×	3.71×
P/S	0.39×	2.37×	3.08×	5.48×	3.45×	3.16×	3.84×	6.02×
EV / EBITDA	-4.14×	-7.88×	-14.83×	276.97×	11.74×	11.17×	29.03×	16.8×
Gross margin	12.8%	15.2%	26.2%	54.9%	49.9%	56.9%	56.6%	63.0%
Operating margin	-9.5%	-25.9%	-28.4%	-6.7%	14.6%	15.1%	6.0%	23.2%
Net margin	-56.0%	-29.5%	-10.0%	-1.2%	10.3%	23.0%	-5.0%	30.1%
Current ratio	0.47×	0.81×	1.02×	1.44×	1.84×	1.74×	1.9×	2.55×
Debt / equity	-2.74×	1.03×	0.06×	0.07×	0.05×	0.06×	0×	0×
Interest coverage	0×	-12×	-155.62×	-41.64×	128.37×	129.68×	0×	0×
Dividend yield	0.0%	0.0%	0.9%	1.7%	1.8%	1.5%	1.4%	1.0%
Payout ratio	0.0%	0.0%	-29.0%	-733.3%	59.3%	20.9%	-108.4%	20.0%

Key metrics by fiscal year

Metric	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
Return on equity	497.4%	-58.6%	-7.7%	-1.0%	8.3%	20.9%	-4.3%	18.6%
Return on invested capital	-99.9%	-28.5%	-15.3%	-2.0%	6.2%	13.0%	-3.5%	14.3%
Return on assets	-64.7%	-15.7%	-4.3%	-0.5%	4.6%	11.8%	-2.7%	13.6%
Free cash flow yield	-74.4%	-17.5%	-5.0%	3.3%	3.7%	9.5%	4.4%	5.5%
Earnings yield	-142.1%	-12.4%	-3.3%	-0.2%	3.0%	7.3%	-1.3%	5.0%
Enterprise value	€27.6M	€64.4M	€36.8M	€57.1M	€37.3M	€35.2M	€34.3M	€45.1M
Net debt / EBITDA	-1.37×	-0.52×	4.16×	-60.98×	-3.65×	-3.3×	-7.01×	-2.55×
Cash conversion cycle (days)	-66	-90	61	-49	-53	-60	-169	-260