SQD.AI Strategies AG (IPOK.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

-57.3%

€53.76

vs €126.00 price

Levered DCF

-€88.43

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

33.13

Safe zone

Rating

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	-16.32×	4.9×	8.28×	-3.05×	9.78×	-9.41×	0.05×	-0.21×
P/B	5.37×	0.92×	1.15×	1.45×	1.13×	1.33×	0.01×	0.01×
P/S	17.95×	3.31×	11.07×	23.34×	3.13×	44.38×	0.05×	0.18×
EV / EBITDA	-15.25×	2.29×	12.08×	22.84×	1.72×	194.01×	0.54×	2.86×
Gross margin	99.9%	99.9%	91.7%	84.1%	98.1%	68.0%	96.2%	88.4%
Operating margin	51.2%	94.5%	245.9%	-823.9%	98.8%	20.3%	74.5%	183.4%
Net margin	-110.0%	67.6%	133.6%	-764.5%	32.0%	-471.6%	90.5%	-84.5%
Current ratio	19.33×	81.36×	420.23×	61.02×	1,865.85×	16×	9.08×	1.52×
Debt / equity	0.01×	0×	0×	0×	0×	0.04×	0.08×	0.44×
Interest coverage	1,017×	34.6×	17.9×	-464.91×	2,323.75×	7×	71.23×	37.57×
Dividend yield	48.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	-784.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-32.9%	18.8%	13.8%	-47.6%	11.6%	-14.2%	19.9%	-6.4%
Return on invested capital	13.4%	25.2%	23.6%	-51.1%	35.4%	0.6%	15.0%	8.3%
Return on assets	-30.8%	18.6%	13.7%	-46.8%	11.5%	-13.6%	18.3%	-4.4%
Free cash flow yield	-17.2%	-2.4%	4.0%	-14.2%	-32.4%	-6.0%	-275.8%	-1155.4%
Earnings yield	-6.1%	20.4%	12.1%	-32.7%	10.2%	-10.6%	1827.4%	-471.1%
Enterprise value	€35.7M	€15.7M	€18M	€23.5M	€27.6M	€29.6M	€2.5M	€9.9M
Net debt / EBITDA	0×	-1.22×	-4.09×	-2.88×	-0.17×	-13.29×	0.47×	2.77×
Cash conversion cycle (days)	-14,075	461	38,608	-191	-5,067	25,934	-8,194	-773