Kap AG (IUR.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

+10092.7%

€103.46

vs €1.02 price

Levered DCF

-€110.41

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.94

Distress 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	-0.21×	-1.66×	-299.36×	-69.32×	4.44×	-36.58×	-11.38×	58.14×
P/B	0.3×	0.64×	0.68×	0.67×	0.96×	0.71×	1.01×	0.95×
P/S	0.06×	0.3×	0.33×	0.27×	0.51×	0.33×	0.45×	0.46×
EV / EBITDA	12.36×	3.38×	2.74×	5.39×	4.11×	5.42×	19.57×	6.91×
Gross margin	-8.5%	21.9%	18.6%	9.8%	24.8%	23.2%	5.3%	25.2%
Operating margin	-26.6%	-10.4%	1.0%	1.5%	9.1%	1.0%	-9.6%	3.3%
Net margin	-28.0%	-18.1%	-0.1%	-0.4%	11.5%	-0.9%	-3.9%	3.7%
Current ratio	0.82×	1.43×	1.64×	1.66×	1.16×	1.51×	1.75×	1.69×
Debt / equity	2.05×	0.64×	0.44×	0.67×	0.38×	0.46×	0.59×	0.46×
Interest coverage	-10.23×	-4.43×	0.49×	1.71×	12.92×	0.87×	-6.48×	3.19×
Dividend yield	0.0%	0.0%	10.9%	6.8%	7.7%	0.0%	9.7%	7.8%
Payout ratio	0.0%	0.0%	-3265.3%	-469.4%	34.1%	0.0%	-110.5%	98.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-143.4%	-38.6%	-0.2%	-1.0%	21.6%	-1.9%	-8.8%	7.5%
Return on invested capital	-40.1%	-10.9%	1.4%	-4.7%	8.7%	1.3%	-12.0%	1.6%
Return on assets	-33.0%	-17.8%	-0.1%	-0.4%	11.6%	-0.9%	-4.1%	3.8%
Free cash flow yield	-152.3%	-12.8%	-23.8%	-8.8%	-13.0%	30.4%	11.3%	-0.8%
Earnings yield	-480.0%	-60.3%	-0.3%	-1.5%	22.5%	-2.7%	-8.8%	7.9%
Enterprise value	€85.4M	€131.3M	€161.6M	€226.3M	€229.5M	€162.7M	€248.9M	€255.8M
Net debt / EBITDA	10.33×	1.43×	0.88×	2.57×	0.94×	1.83×	7×	2.05×
Cash conversion cycle (days)	78	63	81	77	89	84	105	115