EuroTeleSites AG (ETS.VI) 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

+34.3%

€5.99

vs €4.46 price

Levered DCF

€15.31

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.53

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
P/E	22.9×	26.11×	18.84×	-16.67×	-12.79×
P/B	1.84×	2.28×	2.54×	2.45×	3.15×
P/S	2.75×	2.97×	2.07×	15.79×	33.79×
EV / EBITDA	8.48×	9.3×	12.83×	29.27×	108.29×
Gross margin	90.4%	88.6%	87.4%	61.1%	30.2%
Operating margin	38.1%	40.3%	42.4%	-85.2%	-257.4%
Net margin	12.1%	11.3%	11.0%	-95.0%	-262.1%
Current ratio	0.25×	0.54×	0.47×	0.52×	0.26×
Debt / equity	3.12×	3.92×	5.9×	0.56×	0.68×
Interest coverage	1.8×	1.57×	6.14×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	8.1%	8.6%	13.6%	-14.8%	-24.4%
Return on invested capital	4.0%	4.4%	5.0%	-7.3%	-12.0%
Return on assets	1.6%	1.4%	1.6%	-7.8%	-11.9%
Free cash flow yield	22.5%	19.7%	11.6%	-0.1%	-3.4%
Earnings yield	4.4%	3.8%	5.3%	-6.0%	-7.8%
Enterprise value	€2B	€2.1B	€2B	€1.1B	€1.1B
Net debt / EBITDA	5.27×	5.85×	8.93×	5.36×	19.03×
Cash conversion cycle (days)	-324	-244	-215	-308	-324