Ringmetall SE (HP3A.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

+254.3%

€10.84

vs €3.06 price

Levered DCF

€10.35

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.85

Grey 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	21.23×	9.69×	15.6×	7.98×	8.72×	30.05×	28.36×	16.65×
P/B	0.93×	1.16×	1.16×	1.58×	2.02×	1.47×	1.57×	1.68×
P/S	0.43×	0.58×	0.5×	0.57×	0.74×	0.61×	0.64×	0.72×
EV / EBITDA	6.62×	6.27×	6.07×	5.04×	5.73×	8.56×	10.49×	8.74×
Gross margin	17.2%	53.5%	49.7%	43.0%	46.5%	48.2%	46.0%	41.8%
Operating margin	5.7%	8.9%	6.2%	10.0%	11.1%	4.8%	4.1%	7.5%
Net margin	2.0%	6.1%	3.2%	7.1%	8.4%	2.0%	2.2%	4.4%
Current ratio	1.35×	1.76×	1.77×	1.94×	1.57×	1.48×	0.89×	1.54×
Debt / equity	0.78×	0.71×	0.4×	0.39×	0.5×	0.7×	0.63×	0.37×
Interest coverage	3.16×	6.39×	7.55×	30.23×	22.02×	5.03×	4.93×	13×
Dividend yield	3.6%	3.4%	3.9%	2.7%	1.7%	3.0%	2.3%	2.5%
Payout ratio	77.2%	32.7%	61.1%	21.4%	15.3%	88.9%	64.4%	41.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.4%	12.1%	7.4%	19.9%	23.0%	4.9%	5.5%	10.2%
Return on invested capital	3.4%	8.3%	6.5%	14.9%	14.7%	4.2%	4.6%	8.3%
Return on assets	2.1%	6.0%	4.4%	11.6%	11.7%	2.3%	2.7%	5.9%
Free cash flow yield	10.1%	12.7%	20.0%	13.1%	8.6%	14.7%	9.5%	4.7%
Earnings yield	4.7%	10.5%	6.4%	12.6%	11.4%	3.3%	3.5%	6.1%
Enterprise value	€142.2M	€152M	€115.2M	€142.5M	€153.8M	€99.8M	€104.1M	€91.2M
Net debt / EBITDA	2.88×	2.09×	1.29×	0.77×	1.01×	2.4×	2.76×	1.09×
Cash conversion cycle (days)	87	104	87	84	81	63	68	57