Indus Holding AG (INH.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

+61.9%

€58.36

vs €36.05 price

Levered DCF

€65.74

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.31

Grey zone

Rating

Overall 4 / 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	10.18×	9.76×	10.85×	8.1×	18.4×	-29.18×	15.99×	13.69×
P/B	0.97×	0.76×	0.84×	0.86×	1.1×	1.16×	1.31×	1.37×
P/S	0.41×	0.31×	0.33×	0.33×	0.5×	0.5×	0.55×	0.57×
EV / EBITDA	5.46×	4.97×	4.43×	5.34×	5.52×	10.85×	7.24×	7.2×
Gross margin	19.5%	55.8%	54.7%	53.5%	54.8%	54.4%	54.2%	55.1%
Operating margin	7.9%	7.4%	8.3%	9.5%	6.6%	1.6%	6.8%	7.9%
Net margin	4.0%	3.1%	3.1%	4.0%	2.7%	-1.7%	3.4%	4.1%
Current ratio	2.04×	1.66×	1.96×	1.82×	1.67×	1.84×	1.79×	1.75×
Debt / equity	1.04×	0.98×	1.08×	1.06×	0.82×	1.06×	0.94×	0.84×
Interest coverage	5.39×	4.55×	7.06×	8.75×	8.17×	1.52×	7.46×	9.72×
Dividend yield	4.2%	5.9%	3.6%	4.8%	2.5%	2.5%	3.9%	3.8%
Payout ratio	43.3%	57.6%	38.8%	38.7%	46.0%	-72.7%	61.7%	51.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.5%	7.7%	7.7%	10.7%	6.0%	-4.0%	8.2%	10.0%
Return on invested capital	5.9%	4.8%	5.5%	7.0%	3.5%	-4.7%	4.7%	5.9%
Return on assets	3.5%	3.0%	2.9%	3.9%	2.5%	-1.6%	3.3%	4.1%
Free cash flow yield	14.3%	17.6%	25.9%	10.5%	4.8%	13.1%	7.3%	-1.7%
Earnings yield	9.7%	10.2%	9.2%	12.3%	5.4%	-3.4%	6.3%	7.3%
Enterprise value	€1.3B	€1.1B	€1.1B	€1.2B	€1.4B	€1.3B	€1.5B	€1.5B
Net debt / EBITDA	2.37×	2.52×	2.02×	2.68×	2.04×	4.32×	2.64×	2.39×
Cash conversion cycle (days)	135	189	190	216	201	197	206	222