EVN AG (EVN.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

-128.6%

-€8.55

vs €29.90 price

Levered DCF

€18.38

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.72

Distress 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	9.55×	10.7×	8.52×	14.44×	12.54×	12.75×	9.49×	11.69×
P/B	0.66×	0.79×	0.73×	0.43×	0.65×	0.59×	0.67×	0.78×
P/S	1.39×	1.55×	1.2×	0.75×	1.71×	1.21×	1.3×	1.44×
EV / EBITDA	6.36×	6.75×	5.36×	7.82×	9.74×	7.07×	6.62×	8.24×
Gross margin	13.7%	41.2%	38.5%	26.8%	35.6%	42.3%	39.5%	41.3%
Operating margin	8.6%	13.1%	14.0%	8.2%	16.1%	13.0%	18.3%	19.0%
Net margin	14.6%	14.5%	14.1%	5.2%	13.6%	9.5%	13.7%	12.3%
Current ratio	1.15×	0.99×	1.08×	1×	0.82×	0.92×	0.95×	0.89×
Debt / equity	0.21×	0.19×	0.25×	0.23×	0.17×	0.29×	0.25×	0.3×
Interest coverage	6×	8.73×	9.21×	8.75×	6.51×	6.24×	9.13×	7.28×
Dividend yield	3.8%	4.0%	2.1%	3.1%	2.1%	3.5%	2.9%	2.8%
Payout ratio	36.8%	43.1%	17.5%	44.2%	26.8%	44.5%	27.7%	32.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.9%	7.4%	8.6%	3.0%	5.2%	4.7%	7.0%	6.6%
Return on invested capital	2.3%	4.1%	4.8%	2.4%	3.8%	3.3%	4.8%	4.5%
Return on assets	4.0%	4.3%	4.8%	1.7%	2.9%	2.4%	3.7%	3.3%
Free cash flow yield	0.6%	8.2%	5.6%	-13.6%	9.2%	1.7%	1.3%	8.5%
Earnings yield	10.5%	9.3%	11.7%	6.9%	8.0%	7.9%	10.5%	8.6%
Enterprise value	€5.4B	€6.2B	€6B	€4.3B	€5.1B	€3.6B	€3.7B	€3.9B
Net debt / EBITDA	1.44×	1.22×	1.31×	2.34×	1.88×	2.02×	1.46×	1.95×
Cash conversion cycle (days)	-8	27	31	32	25	-22	8	10