Ernst Russ AG (ERAG.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

+196.5%

€26.33

vs €8.88 price

Levered DCF

€39.80

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.61

Safe zone

Rating

A+

Overall 5 / 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	3.19×	4.54×	2.52×	3.21×	13.7×	10.38×	16.88×	4.29×
P/B	0.94×	1.07×	0.81×	1.28×	2.99×	0.81×	0.5×	0.56×
P/S	1.44×	1.12×	0.69×	0.79×	2.33×	0.84×	0.44×	0.53×
EV / EBITDA	0.96×	1.06×	0.73×	1.02×	6.89×	5.81×	5.42×	2.97×
Gross margin	18.8%	31.1%	35.7%	33.9%	31.2%	2.3%	13.7%	9.7%
Operating margin	27.6%	31.5%	34.7%	32.7%	30.1%	9.3%	8.9%	6.2%
Net margin	45.1%	24.6%	27.2%	24.7%	17.1%	7.4%	2.6%	11.8%
Current ratio	564.14×	1.87×	1.3×	1.43×	0.62×	1.77×	1.14×	2.3×
Debt / equity	0.01×	0.01×	0.01×	0.03×	1.1×	1.06×	1.05×	0.45×
Interest coverage	35.03×	37.62×	55.06×	22.04×	7.88×	1.59×	1.9×	2.16×
Dividend yield	28.7%	24.7%	11.2%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	91.4%	112.2%	28.4%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	29.6%	23.5%	32.3%	40.0%	21.9%	7.2%	3.0%	12.5%
Return on invested capital	12.1%	18.2%	26.8%	27.2%	11.8%	2.9%	1.9%	3.5%
Return on assets	19.9%	12.0%	16.2%	16.7%	6.0%	2.5%	1.0%	6.0%
Free cash flow yield	19.1%	49.1%	-5.7%	42.7%	16.8%	-28.3%	-4.2%	-4.1%
Earnings yield	31.3%	22.0%	39.6%	31.2%	7.3%	8.9%	5.9%	22.3%
Enterprise value	€122M	€84.1M	€74M	€97M	€268.2M	€98M	€69.8M	€33.7M
Net debt / EBITDA	-0.89×	-1.37×	-0.64×	-0.57×	1.36×	3.05×	3.43×	0.51×
Cash conversion cycle (days)	5	5	2	-0	-5	-2	7	99