Gesco AG (GSC1.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

+248.1%

€49.44

vs €14.20 price

Levered DCF

€29.62

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.71

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	14.84×	31.43×	9.64×	7.72×	10.28×	29.13×	12.41×	11.06×
P/B	0.55×	0.52×	0.74×	0.99×	1.14×	0.92×	0.87×	1.08×
P/S	0.3×	0.27×	0.36×	0.45×	0.57×	0.5×	0.43×	0.43×
EV / EBITDA	4.37×	4.9×	4.52×	4.56×	5.04×	6.17×	6.6×	5.37×
Gross margin	16.2%	43.2%	42.9%	42.6%	46.1%	44.7%	16.5%	50.0%
Operating margin	6.0%	2.7%	7.0%	9.1%	9.4%	4.3%	7.4%	12.8%
Net margin	2.0%	0.9%	3.7%	5.8%	5.5%	1.7%	3.5%	3.9%
Current ratio	2.14×	2.37×	2.2×	2.06×	2.08×	2.44×	1.93×	2.02×
Debt / equity	0.36×	0.28×	0.39×	0.36×	0.39×	0.45×	0.67×	0.66×
Interest coverage	7.63×	2.59×	8.44×	22.3×	23.92×	7.99×	0×	28.23×
Dividend yield	0.7%	3.0%	5.4%	4.1%	0.0%	1.3%	4.8%	2.6%
Payout ratio	10.4%	93.1%	51.9%	31.3%	0.0%	36.2%	59.1%	28.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.7%	1.7%	7.7%	12.8%	11.0%	3.2%	7.0%	9.8%
Return on invested capital	6.9%	2.1%	6.6%	10.0%	8.5%	2.6%	5.3%	11.3%
Return on assets	2.2%	1.0%	4.5%	7.1%	6.0%	1.8%	3.2%	4.4%
Free cash flow yield	-3.7%	31.0%	7.3%	-0.7%	15.8%	24.5%	11.5%	0.9%
Earnings yield	6.7%	3.2%	10.4%	12.9%	9.7%	3.5%	8.1%	9.1%
Enterprise value	€209.3M	€180.3M	€272M	€320M	€314.3M	€248.8M	€331.7M	€368.8M
Net debt / EBITDA	1.29×	1.13×	1.17×	0.84×	0.61×	1.24×	2.53×	1.74×
Cash conversion cycle (days)	180	208	221	207	205	222	253	234