Fielmann AG (FIE.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

+213.3%

€127.21

vs €40.60 price

Levered DCF

€138.57

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.34

Safe zone

Rating

Overall 4 / 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	17.92×	22.87×	32.64×	30.1×	36.29×	47.81×	35.12×	27.56×
P/B	3.72×	3.87×	4.71×	3.87×	6.06×	7.16×	8.37×	6.56×
P/S	1.5×	1.54×	2.07×	1.77×	2.96×	3.91×	3.98×	3.26×
EV / EBITDA	7.8×	8.95×	11.57×	10.27×	13.47×	17.96×	16.31×	15.24×
Gross margin	26.9%	80.0%	79.7%	78.4%	79.7%	80.3%	79.9%	79.8%
Operating margin	13.3%	15.1%	9.5%	32.7%	13.3%	12.5%	15.7%	17.5%
Net margin	8.4%	6.7%	6.3%	5.9%	8.2%	8.1%	11.3%	11.8%
Current ratio	1.19×	0.64×	0.81×	1.25×	1.47×	1.45×	1.8×	2.57×
Debt / equity	0.9×	0.97×	0.68×	0.63×	0.56×	0.55×	0.52×	0×
Interest coverage	7.41×	8.16×	7.81×	70.04×	21.86×	47.74×	67.46×	273.74×
Dividend yield	2.6%	2.4%	1.5%	4.1%	2.0%	0.0%	2.6%	3.4%
Payout ratio	47.4%	55.2%	50.5%	121.5%	73.6%	0.0%	92.6%	94.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	20.8%	16.9%	14.4%	12.9%	16.7%	14.9%	23.8%	23.8%
Return on invested capital	10.4%	12.5%	8.1%	26.4%	10.5%	8.8%	14.5%	23.1%
Return on assets	7.6%	6.4%	6.2%	5.9%	7.9%	7.0%	12.6%	17.9%
Free cash flow yield	9.6%	9.4%	4.8%	5.9%	5.2%	3.4%	3.3%	2.8%
Earnings yield	5.6%	4.4%	3.1%	3.3%	2.8%	2.1%	2.8%	3.6%
Enterprise value	€4.3B	€4.3B	€4.6B	€3.6B	€5.3B	€5.9B	€6.3B	€4.5B
Net debt / EBITDA	1.2×	1.64×	1.34×	1.31×	0.73×	0.98×	0.63×	-0.46×
Cash conversion cycle (days)	53	159	149	115	100	118	128	125