Bilfinger SE (GBF.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

+342.8%

€260.59

vs €58.85 price

Levered DCF

€390.65

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.77

Grey 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	22.71×	9.66×	7.19×	38.14×	9.37×	10.47×	605.6×	-43.22×
P/B	3×	1.33×	1.11×	0.99×	0.93×	0.86×	1.2×	0.87×
P/S	0.74×	0.34×	0.29×	0.25×	0.33×	0.3×	0.32×	0.25×
EV / EBITDA	9.42×	4.17×	4.64×	5.5×	4.14×	4.06×	11.23×	14.64×
Gross margin	11.4%	10.9%	10.3%	10.1%	10.4%	8.6%	9.5%	9.4%
Operating margin	5.0%	4.6%	3.6%	3.2%	3.6%	6.3%	1.9%	-0.0%
Net margin	3.2%	3.6%	4.0%	0.7%	3.5%	2.9%	0.1%	-0.6%
Current ratio	1.25×	1.36×	1.29×	1.36×	1.65×	1.66×	1.31×	0.98×
Debt / equity	0.28×	0.29×	0.52×	0.41×	0.35×	0.47×	0.52×	0.42×
Interest coverage	6.94×	6.43×	4.29×	4.59×	4.56×	6.91×	1.88×	-0.04×
Dividend yield	2.2%	3.9%	3.7%	18.1%	6.5%	0.7%	2.9%	4.0%
Payout ratio	50.7%	37.6%	26.8%	686.9%	60.6%	7.3%	1752.2%	-172.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.2%	13.8%	15.5%	2.6%	10.0%	8.2%	0.2%	-2.0%
Return on invested capital	9.0%	8.9%	7.8%	4.7%	6.5%	9.5%	1.4%	0.4%
Return on assets	4.8%	5.2%	5.4%	0.9%	4.1%	3.1%	0.1%	-0.7%
Free cash flow yield	7.5%	10.3%	6.6%	9.9%	4.4%	7.4%	1.0%	-2.9%
Earnings yield	4.4%	10.3%	13.9%	2.6%	10.7%	9.5%	0.2%	-2.3%
Enterprise value	€3.8B	€1.6B	€1.4B	€943M	€1B	€1.1B	€1.5B	€1.1B
Net debt / EBITDA	-0.36×	-0.22×	0.24×	-0.76×	-0.78×	0.21×	0.76×	0.77×
Cash conversion cycle (days)	55	61	60	53	54	59	54	59