Grammer AG (GMM.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

+1251.6%

€119.61

vs €8.85 price

Levered DCF

€86.59

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.23

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	4.29×	-0.81×	90.83×	-2.01×	224.38×	-3.88×	8.95×	19.88×
P/B	0.5×	0.28×	0.62×	0.53×	0.78×	0.83×	1.14×	1.47×
P/S	0.05×	0.04×	0.08×	0.07×	0.14×	0.15×	0.19×	0.25×
EV / EBITDA	4.11×	5.78×	8.7×	4.55×	6.07×	14.88×	4.45×	7.42×
Gross margin	7.2%	9.9%	12.0%	6.5%	9.2%	7.3%	11.3%	11.4%
Operating margin	2.4%	3.8%	6.0%	-2.1%	1.0%	-2.7%	3.7%	2.6%
Net margin	1.3%	-4.8%	0.1%	-3.6%	0.1%	-3.8%	2.1%	1.3%
Current ratio	1.12×	1.16×	0.86×	0.87×	0.92×	1.05×	1.01×	0.97×
Debt / equity	3.23×	2.77×	1.99×	1.79×	1.55×	1.47×	1.49×	1.52×
Interest coverage	1.03×	1.78×	3.09×	-1.55×	0.93×	-1.98×	3.53×	3.83×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	2.4%	3.3%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	21.1%	65.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.2%	-36.8%	0.7%	-26.0%	0.5%	-21.4%	12.8%	7.4%
Return on invested capital	3.0%	6.4%	7.2%	-4.5%	0.2%	-4.4%	4.8%	3.4%
Return on assets	1.5%	-5.4%	0.1%	-5.4%	0.1%	-4.7%	3.0%	1.6%
Free cash flow yield	67.3%	-62.7%	32.1%	17.3%	-4.9%	-16.7%	3.4%	15.0%
Earnings yield	26.2%	-129.3%	1.1%	-49.4%	0.7%	-25.8%	11.2%	5.0%
Enterprise value	€512.3M	€548M	€556.7M	€584.5M	€684.6M	€606.6M	€756.9M	€738.4M
Net debt / EBITDA	3.4×	5.02×	6.16×	3.32×	3.7×	8.73×	2.16×	2.76×
Cash conversion cycle (days)	19	13	27	38	46	46	30	29