Heidelberger Druckmaschinen AG (HDD.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

-88.4%

€0.13

vs €1.09 price

Levered DCF

-€0.23

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.36

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

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

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	26.8×	67.68×	7.85×	5.7×	21.73×	-8.21×	-0.5×	20.99×
P/B	0.71×	0.62×	0.59×	1.01×	3.01×	3.21×	0.84×	1.1×
P/S	0.18×	0.15×	0.13×	0.21×	0.33×	0.18×	0.07×	0.18×
EV / EBITDA	2.83×	2.11×	1.33×	2.53×	4.92×	4.5×	4.21×	4.37×
Gross margin	16.7%	49.6%	47.3%	47.4%	47.6%	51.7%	46.4%	50.2%
Operating margin	2.2%	2.7%	3.8%	5.3%	3.7%	0.9%	-11.5%	3.3%
Net margin	0.7%	0.2%	1.6%	3.7%	1.5%	-2.2%	-14.6%	0.8%
Current ratio	1.38×	1.33×	1.44×	1.4×	1.39×	1.4×	1.64×	1.64×
Debt / equity	0.18×	0.14×	0.14×	0.19×	0.53×	2.42×	2.29×	1.15×
Interest coverage	1.39×	1.65×	2.33×	4.85×	2.81×	0.43×	-5.28×	1.57×
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	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	2.6%	0.9%	7.4%	17.7%	13.6%	-39.3%	-169.4%	5.2%
Return on invested capital	1.5%	0.8%	4.4%	7.5%	3.8%	1.2%	-15.0%	3.3%
Return on assets	0.7%	0.2%	1.8%	4.1%	1.5%	-2.0%	-13.2%	0.9%
Free cash flow yield	-7.2%	7.4%	8.1%	-8.6%	-0.6%	-17.1%	-87.7%	-31.1%
Earnings yield	3.7%	1.5%	12.6%	17.5%	4.5%	-12.3%	-201.3%	4.8%
Enterprise value	€362M	€297.8M	€229.4M	€506.4M	€735.4M	€435.6M	€275.9M	€715.2M
Net debt / EBITDA	-0.31×	-0.28×	-0.47×	-0.07×	0.05×	0.89×	1.61×	1.69×
Cash conversion cycle (days)	111	158	150	163	125	185	177	185