Grenke AG (GLJ.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

+347.0%

€45.68

vs €10.22 price

Levered DCF

-€169.73

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.98

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	12.12×	10.71×	13.99×	11.19×	15.8×	20.87×	31.92×	24.88×
P/B	0.6×	0.52×	0.85×	0.67×	1.1×	1.48×	3.67×	3.29×
P/S	0.77×	0.86×	1.7×	1.48×	2.34×	2.73×	6.84×	5.69×
EV / EBITDA	62.94×	26.37×	31.77×	28.33×	25.89×	33.37×	43.72×	43.11×
Gross margin	65.3%	48.4%	54.2%	62.6%	68.2%	71.1%	70.9%	74.0%
Operating margin	8.0%	11.0%	16.4%	16.0%	21.8%	19.0%	26.7%	27.5%
Net margin	7.7%	9.3%	13.4%	14.7%	16.4%	14.2%	22.5%	22.9%
Current ratio	3.13×	1.15×	1.56×	1.17×	1.4×	1.64×	1.54×	1.42×
Debt / equity	6.53×	3.22×	2.8×	2.7×	2.85×	3.54×	4.16×	4.72×
Interest coverage	46.41×	0×	4.73×	11.26×	10.14×	11.36×	32.21×	55.07×
Dividend yield	2.6%	3.1%	1.8%	2.6%	0.8%	1.6%	0.9%	0.9%
Payout ratio	25.3%	28.5%	22.7%	26.2%	12.1%	30.1%	26.4%	23.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.1%	5.7%	6.7%	6.6%	7.7%	7.7%	12.1%	13.2%
Return on invested capital	0.6%	1.1%	1.4%	1.4%	1.8%	1.5%	2.1%	2.3%
Return on assets	0.8%	0.9%	1.3%	1.4%	1.5%	1.3%	2.0%	2.2%
Free cash flow yield	-37.2%	55.0%	27.7%	-39.0%	-5.6%	30.5%	2.2%	0.1%
Earnings yield	10.1%	10.8%	7.9%	9.9%	7.0%	5.2%	3.3%	4.0%
Enterprise value	€7.5B	€4B	€4.3B	€4.1B	€4.3B	€5.2B	€8.7B	€7.6B
Net debt / EBITDA	57.17×	21.81×	23.17×	22.1×	17.27×	21.75×	22.17×	24.62×
Cash conversion cycle (days)	-0	2	29	24	24	20	8	-44