InCity Immobilien AG (IC8.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

-378.9%

-€0.92

vs €0.33 price

Levered DCF

-€6.78

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.05

Distress zone

Rating

—

Ratios by fiscal year

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

Metric	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
P/E	-17.07×	-40.24×	115.25×	41.28×	-51.14×	-121×	-44.78×	-292.11×
P/B	1.33×	1.37×	1.34×	1.16×	1.15×	0.63×	1.2×	1.14×
P/S	2.85×	13.91×	15.01×	8.57×	10.6×	5.01×	12×	2.65×
EV / EBITDA	240.7×	67.69×	32.19×	26.56×	97.26×	46.37×	-416.59×	42.02×
Gross margin	11.7%	31.7%	50.3%	71.5%	37.8%	45.5%	21.8%	19.5%
Operating margin	-12.1%	-15.2%	1.6%	39.2%	0.3%	4.6%	-18.7%	5.6%
Net margin	-52.1%	-34.5%	13.0%	20.8%	-20.7%	-4.1%	-26.8%	-0.9%
Current ratio	0.99×	0.97×	1.57×	2.97×	1.98×	4.07×	6.38×	2.28×
Debt / equity	0.89×	0.86×	0.85×	1.05×	1.14×	0.87×	0.59×	0.81×
Interest coverage	-2.79×	-0.78×	0.06×	2.19×	0.01×	0.4×	-1.43×	1.46×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.8%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-36.2%	0.0%

Key metrics by fiscal year

Metric	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Return on equity	-24.2%	-3.4%	1.2%	2.8%	-2.2%	-0.5%	-2.7%	-0.4%
Return on invested capital	-2.9%	-0.8%	0.1%	2.6%	0.0%	0.3%	-1.2%	-0.6%
Return on assets	-12.0%	-1.6%	0.6%	1.3%	-1.0%	-0.3%	-1.6%	-0.2%
Free cash flow yield	1.0%	1.5%	0.6%	-0.4%	-47.9%	-55.1%	-12.9%	-36.7%
Earnings yield	-18.3%	-2.5%	0.9%	2.4%	-2.0%	-0.8%	-2.2%	-0.3%
Enterprise value	€165.4M	€176.6M	€180M	€173.7M	€181.1M	€95.9M	€127.1M	€105.6M
Net debt / EBITDA	89.76×	23.54×	11.28×	11.31×	45.55×	20.28×	-78.37×	15.53×
Cash conversion cycle (days)	52	1,349	702	224	179	51	391	220