FCR Immobilien AG (FC9.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

+197.9%

€28.59

vs €9.60 price

Levered DCF

€6.75

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.55

Distress 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	9.53×	4.75×	15.73×	10.28×	13.76×	11.9×	8.17×	26.32×
P/B	0.79×	0.72×	1.09×	1.22×	1.54×	1.21×	0.92×	3.1×
P/S	3.34×	1.92×	2.42×	3.92×	3.08×	2.77×	1.57×	1.01×
EV / EBITDA	18.95×	9.5×	16.51×	24.91×	10.52×	13.63×	8.79×	7.49×
Gross margin	86.1%	88.3%	87.7%	78.3%	86.1%	83.6%	83.0%	43.3%
Operating margin	65.3%	73.1%	71.9%	47.6%	71.5%	61.0%	64.8%	19.3%
Net margin	34.9%	40.4%	15.4%	38.2%	22.5%	23.6%	19.5%	3.8%
Current ratio	0.7×	0.24×	0.66×	2.36×	0.86×	3.41×	4.23×	0.49×
Debt / equity	1.7×	1.94×	2.41×	2.76×	2.42×	2.55×	2.56×	13.06×
Interest coverage	1.97×	2.45×	2.74×	1.82×	5.15×	0×	4.74×	1.48×
Dividend yield	3.7%	2.4%	1.6%	2.3%	1.8%	2.4%	2.0%	0.8%
Payout ratio	35.2%	11.3%	24.5%	24.1%	24.1%	28.7%	15.8%	20.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.2%	15.1%	6.9%	11.9%	11.2%	10.3%	11.4%	11.8%
Return on invested capital	5.5%	8.4%	7.9%	3.0%	8.8%	5.9%	8.5%	2.5%
Return on assets	2.9%	4.9%	1.9%	3.0%	3.0%	2.7%	3.0%	0.8%
Free cash flow yield	14.0%	19.1%	17.3%	4.7%	2.7%	1.0%	-8.5%	-286.8%
Earnings yield	10.5%	21.1%	6.3%	9.7%	7.3%	8.5%	12.4%	3.8%
Enterprise value	€379.2M	€382.9M	€432.3M	€467.4M	€413.4M	€342.2M	€288.4M	€192.1M
Net debt / EBITDA	12.93×	6.93×	11.27×	17.16×	6.28×	9.16×	6.39×	6.03×
Cash conversion cycle (days)	110	-58	-71	90	102	253	-13	17