Hoenle AG (HNL.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

-34.3%

€4.85

vs €7.38 price

Levered DCF

-€13.74

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.54

Distress zone

Rating

B-

Overall 2 / 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	-15.88×	-5.34×	-9.75×	-6.6×	-50.63×	53.92×	22.12×	19.54×
P/B	0.65×	0.89×	1.12×	0.82×	2.22×	2.63×	3.06×	4.87×
P/S	0.53×	0.72×	1.01×	0.76×	2.13×	3.27×	2.56×	3.36×
EV / EBITDA	15.1×	38.64×	199.2×	6.88×	20.48×	21.32×	13.73×	12.41×
Gross margin	13.3%	60.8%	50.2%	59.7%	60.2%	64.5%	67.6%	36.6%
Operating margin	-1.2%	-10.4%	-8.9%	5.0%	0.3%	8.6%	15.8%	24.3%
Net margin	-3.4%	-13.5%	-10.3%	-11.5%	-4.2%	6.0%	11.6%	17.2%
Current ratio	1.8×	1.92×	2.09×	1.58×	2.95×	4.18×	3.02×	2.81×
Debt / equity	0.63×	0.67×	0.59×	0.56×	0.48×	0.4×	0.18×	0.08×
Interest coverage	-0.57×	-4.95×	-5.19×	3.82×	0.31×	16.33×	104.96×	96.5×
Dividend yield	0.3%	0.2%	0.1%	1.4%	1.2%	1.4%	1.6%	0.8%
Payout ratio	-4.0%	-0.9%	-1.1%	-9.1%	-62.9%	77.7%	35.3%	15.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-4.1%	-16.7%	-11.5%	-12.5%	-4.4%	4.9%	13.9%	25.0%
Return on invested capital	-0.9%	-7.4%	-6.0%	2.2%	0.2%	3.2%	10.2%	21.4%
Return on assets	-2.2%	-8.5%	-6.2%	-6.8%	-2.4%	2.9%	8.7%	17.3%
Free cash flow yield	6.3%	4.8%	0.2%	-13.3%	-6.5%	-7.5%	-0.9%	3.2%
Earnings yield	-6.3%	-18.7%	-10.2%	-15.2%	-2.0%	1.9%	4.5%	5.1%
Enterprise value	€90.6M	€116.7M	€155.2M	€140.4M	€287.1M	€318.8M	€277.4M	€419.7M
Net debt / EBITDA	6.75×	15.15×	61.07×	2.57×	2.97×	0.82×	0.09×	-0.14×
Cash conversion cycle (days)	163	273	243	311	333	371	351	302