EnviTec Biogas AG (ETG.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

+67.4%

€28.30

vs €16.90 price

Levered DCF

-€0.49

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.36

Grey zone

Rating

B-

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	16.07×	14.38×	9.77×	17.23×	38.3×	26.51×	24.9×	17.28×
P/B	1.38×	2.43×	2.98×	5.11×	4.59×	2.52×	1.35×	0.83×
P/S	0.82×	1.23×	1.34×	2.13×	2.3×	1.7×	0.82×	0.6×
EV / EBITDA	6.87×	7.53×	5.35×	9.87×	16.16×	10.88×	7.9×	5.55×
Gross margin	19.5%	40.5%	43.4%	22.0%	31.4%	34.9%	32.5%	34.9%
Operating margin	9.1%	11.8%	19.5%	17.4%	8.6%	8.8%	5.9%	5.2%
Net margin	5.1%	8.2%	13.7%	11.7%	6.0%	6.4%	3.3%	3.1%
Current ratio	1.62×	1.95×	1.82×	1.98×	1.64×	2×	1.95×	1.24×
Debt / equity	0.89×	0.68×	0.53×	0.36×	0.36×	0.44×	0.44×	0.42×
Interest coverage	5.16×	12.52×	33.48×	55.54×	18.75×	10.98×	7.65×	3.89×
Dividend yield	2.9%	10.4%	5.2%	1.8%	2.5%	4.5%	8.2%	12.6%
Payout ratio	46.6%	155.6%	50.8%	32.4%	94.2%	120.4%	202.9%	247.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.6%	16.2%	30.4%	28.2%	12.0%	9.5%	5.5%	4.2%
Return on invested capital	4.6%	7.9%	18.4%	19.6%	8.5%	6.1%	4.5%	3.9%
Return on assets	3.4%	6.9%	14.0%	13.4%	6.2%	5.2%	3.0%	2.4%
Free cash flow yield	-6.9%	-15.1%	5.0%	7.2%	3.7%	6.0%	2.5%	21.3%
Earnings yield	6.2%	6.7%	10.2%	5.5%	2.6%	3.8%	4.0%	5.1%
Enterprise value	€395M	€523.3M	€587.9M	€821.4M	€630.9M	€368.8M	€228.2M	€165.6M
Net debt / EBITDA	2.43×	1.35×	0.15×	-0.12×	0.72×	1.24×	1.63×	1.59×
Cash conversion cycle (days)	205	172	126	84	125	167	130	154