Frauenthal Holding AG (FKA.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

+219.2%

€68.32

vs €21.40 price

Levered DCF

€41.48

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

3.43

Safe zone

Rating

B-

Overall 2 / 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	-4.9×	-34.92×	14.46×	4.14×	13.37×	-10.12×	6.67×	13.55×
P/B	1.29×	1.09×	1.08×	1.11×	1.47×	1.3×	1.28×	1.93×
P/S	0.22×	0.18×	0.19×	0.19×	0.2×	0.17×	0.17×	0.22×
EV / EBITDA	6.21×	5.42×	4.65×	3.42×	5.01×	7.26×	3.71×	7×
Gross margin	5.7%	4.5%	26.5%	29.8%	30.4%	28.1%	29.0%	29.3%
Operating margin	1.4%	-0.2%	2.7%	4.7%	2.7%	-0.2%	2.4%	2.4%
Net margin	-4.6%	-0.5%	1.3%	4.6%	1.5%	-1.7%	2.6%	1.6%
Current ratio	1.82×	1.51×	1.6×	1.59×	1.44×	1.5×	1.51×	1.61×
Debt / equity	0.59×	0.84×	0.66×	0.74×	1.08×	1.07×	1.01×	0.91×
Interest coverage	1.56×	-0.12×	2.3×	7.18×	4.8×	-0.18×	2.88×	3×
Dividend yield	0.0%	0.0%	0.2%	0.0%	0.0%	0.0%	1.6%	0.0%
Payout ratio	0.0%	0.0%	3.6%	0.0%	0.0%	0.0%	10.7%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-26.2%	-3.1%	7.5%	26.8%	11.0%	-12.8%	19.2%	14.2%
Return on invested capital	3.2%	-0.4%	6.7%	10.6%	6.2%	-0.5%	6.0%	7.5%
Return on assets	-10.1%	-1.0%	2.9%	9.8%	2.8%	-3.3%	5.5%	3.9%
Free cash flow yield	13.1%	11.5%	13.8%	11.0%	9.5%	32.2%	17.0%	0.9%
Earnings yield	-20.4%	-2.9%	6.9%	24.2%	7.5%	-9.9%	15.0%	7.4%
Enterprise value	€217.3M	€268.3M	€294.8M	€289.8M	€278.9M	€216.9M	€255.6M	€287.9M
Net debt / EBITDA	1.14×	1.81×	1.38×	1.05×	1.62×	2.28×	1.36×	1.82×
Cash conversion cycle (days)	53	50	68	62	62	57	48	47