Tonkens Agrar AG (GTK.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

+127.3%

€16.48

vs €7.25 price

Levered DCF

€37.50

After debt service

Piotroski score

1 / 9

Weak

Altman Z-score

0.78

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
P/E	-20×	6.17×	7.86×	4.71×	-14.21×	-6.31×	-34.43×	15.94×
P/B	0.97×	0.82×	0.94×	1.15×	1.14×	0.88×	0.83×	0.86×
P/S	0.67×	0.54×	0.54×	0.67×	0.64×	0.5×	0.47×	0.59×
EV / EBITDA	10.12×	4.53×	5.48×	4.89×	9.79×	13.52×	8.04×	7.01×
Gross margin	52.5%	61.6%	54.7%	28.0%	20.6%	16.6%	51.6%	56.9%
Operating margin	0.5%	14.3%	12.0%	18.1%	2.6%	-3.1%	4.9%	10.2%
Net margin	-3.3%	8.7%	6.9%	14.3%	-4.5%	-8.0%	-1.3%	3.7%
Current ratio	0.41×	0.53×	0.41×	0.61×	0.47×	0.45×	0.53×	0.52×
Debt / equity	1.45×	1.18×	1.38×	1.57×	2.37×	2.14×	1.74×	1.77×
Interest coverage	0.13×	3.9×	3.74×	5.84×	0.5×	-0.56×	0.97×	1.58×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
Return on equity	-4.9%	13.3%	12.0%	24.6%	-8.0%	-13.9%	-2.3%	5.4%
Return on invested capital	0.4%	9.0%	8.7%	10.7%	1.4%	-1.6%	-7.5%	4.7%
Return on assets	-1.5%	4.5%	3.7%	6.7%	-1.7%	-3.2%	-0.6%	1.4%
Free cash flow yield	-11.2%	8.2%	14.9%	15.5%	-12.8%	-22.2%	23.3%	7.9%
Earnings yield	-5.0%	16.3%	12.7%	21.3%	-7.0%	-15.8%	-2.8%	6.3%
Enterprise value	€29.8M	€25.6M	€26.1M	€27.4M	€26.9M	€24.4M	€23.6M	€25.1M
Net debt / EBITDA	5.91×	2.59×	3.18×	2.76×	6.53×	9.46×	5.32×	4.64×
Cash conversion cycle (days)	69	130	82	52	71	49	51	83