Frequentis AG (FQT.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

-23.7%

€51.11

vs €67.00 price

Levered DCF

€96.62

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

4.16

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	34.25×	16.75×	19.64×	20.21×	17.8×	-60.33×	21.34×	20.67×
P/B	5.01×	2.15×	2.36×	2.61×	2.81×	2.22×	2.21×	2.74×
P/S	1.67×	0.77×	0.85×	0.98×	1.07×	0.8×	0.84×	0.82×
EV / EBITDA	13.64×	6.58×	7.19×	7.89×	6.08×	18.29×	7.62×	8.84×
Gross margin	73.7%	77.4%	74.8%	75.0%	77.3%	74.9%	73.3%	73.4%
Operating margin	8.3%	7.3%	5.3%	5.8%	7.8%	7.5%	6.0%	5.5%
Net margin	4.9%	4.6%	4.3%	4.9%	6.0%	-1.3%	3.9%	4.0%
Current ratio	1.82×	2.2×	1.95×	1.98×	1.94×	2.01×	2.07×	2.05×
Debt / equity	0.3×	0.3×	0.27×	0.28×	0.34×	0.42×	0.42×	0.1×
Interest coverage	21.61×	14.69×	10.28×	30.49×	42.99×	17.99×	12.34×	16.52×
Dividend yield	0.4%	0.9%	0.8%	0.7%	0.6%	0.8%	0.5%	6.1%
Payout ratio	12.7%	14.5%	15.9%	14.2%	10.0%	-49.4%	11.2%	127.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.6%	12.8%	12.0%	12.9%	15.8%	-3.7%	10.3%	13.2%
Return on invested capital	11.7%	9.2%	6.6%	7.9%	9.7%	9.6%	7.3%	17.2%
Return on assets	5.6%	5.6%	5.0%	5.5%	6.3%	-1.5%	4.3%	5.7%
Free cash flow yield	3.6%	3.2%	3.8%	1.1%	11.9%	20.9%	5.2%	-0.1%
Earnings yield	2.9%	6.0%	5.1%	5.0%	5.6%	-1.7%	4.7%	4.8%
Enterprise value	€931.2M	€354.1M	€329.7M	€337.1M	€294.4M	€194.8M	€234.4M	€197.3M
Net debt / EBITDA	-0.58×	-0.27×	-0.71×	-0.96×	-1.26×	-4.27×	-0.62×	-1.67×
Cash conversion cycle (days)	173	143	148	146	126	123	112	105