E.on Se (EOAN.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

-85.2%

€2.77

vs €18.71 price

Levered DCF

-€12.85

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.28

Distress 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	24.44×	6.5×	60.95×	13.33×	6.77×	23.23×	14×	5.97×
P/B	2.19×	1.65×	2.26×	1.53×	2.64×	4.8×	2.4×	3.35×
P/S	0.54×	0.37×	0.34×	0.21×	0.41×	0.39×	0.53×	0.66×
EV / EBITDA	9.6×	4.53×	10.28×	7.31×	5.66×	7.25×	11×	4.14×
Gross margin	11.6%	28.3%	33.0%	7.1%	0.1%	23.8%	23.8%	24.4%
Operating margin	7.3%	10.7%	19.1%	-2.8%	-15.1%	3.1%	4.3%	7.2%
Net margin	2.2%	5.7%	0.6%	1.6%	6.1%	1.7%	3.8%	11.0%
Current ratio	0.77×	0.87×	0.81×	1.39×	0.97×	0.81×	0.85×	1.54×
Debt / equity	2.14×	2.19×	2.51×	2.14×	2.88×	6.67×	3.52×	1.72×
Interest coverage	3.78×	4.07×	7.5×	-1.98×	-11.18×	1.79×	1.19×	1.71×
Dividend yield	3.4%	4.7%	4.2%	5.3%	3.9%	5.1%	4.3%	3.4%
Payout ratio	82.9%	30.5%	257.4%	69.8%	26.1%	117.9%	60.1%	20.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.0%	25.4%	3.7%	11.5%	38.9%	20.6%	17.1%	56.0%
Return on invested capital	4.7%	7.5%	19.6%	-3.2%	-11.8%	1.5%	2.1%	5.1%
Return on assets	1.5%	4.1%	0.5%	1.4%	3.9%	1.1%	1.6%	5.9%
Free cash flow yield	-2.2%	-4.4%	-1.1%	22.5%	-1.3%	4.0%	-1.3%	3.0%
Earnings yield	4.1%	15.4%	1.6%	7.5%	14.8%	4.3%	7.1%	16.7%
Enterprise value	€79.7B	€62.7B	€61.7B	€51.2B	€62.8B	€53.8B	€51.9B	€25.2B
Net debt / EBITDA	4.52×	2.41×	4.98×	3.83×	2.8×	4.07×	6.37×	0.98×
Cash conversion cycle (days)	8	-16	-15	-8	82	4	-13	-17