init innovation in traffic systems SE (IXX.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

-70.5%

€9.59

vs €32.50 price

Levered DCF

€34.88

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.09

Safe 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	23.71×	23.31×	19.81×	15.33×	26.64×	22.2×	20.44×	57.5×
P/B	3.29×	2.69×	2.51×	2.17×	3.23×	3.67×	2.71×	1.83×
P/S	1.41×	1.36×	1.43×	1.32×	1.87×	1.84×	1.48×	1.02×
EV / EBITDA	10.97×	11×	10.52×	8.79×	12.69×	12.23×	10.54×	14.01×
Gross margin	35.0%	37.0%	38.1%	40.0%	35.5%	34.4%	34.0%	33.9%
Operating margin	9.4%	8.7%	9.7%	9.7%	7.4%	9.1%	10.0%	6.7%
Net margin	5.9%	5.8%	7.2%	8.6%	7.0%	8.3%	7.2%	1.8%
Current ratio	1.64×	1.65×	1.89×	1.87×	1.83×	1.75×	1.59×	1.84×
Debt / equity	0.6×	0.77×	0.58×	0.54×	0.44×	0.6×	0.5×	0.47×
Interest coverage	8.72×	7.45×	11.93×	23×	13.25×	18.4×	14.15×	9.6×
Dividend yield	1.7%	1.9%	2.3%	2.2%	1.6%	1.2%	0.6%	1.7%
Payout ratio	40.5%	44.7%	45.7%	33.1%	43.9%	27.0%	11.7%	95.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.9%	11.5%	12.6%	14.2%	12.1%	16.5%	13.3%	3.2%
Return on invested capital	8.4%	6.4%	7.8%	7.8%	5.9%	7.6%	8.1%	3.4%
Return on assets	6.3%	4.9%	5.8%	6.7%	5.7%	6.6%	5.7%	1.4%
Free cash flow yield	6.5%	1.2%	-1.4%	5.7%	3.7%	5.2%	6.7%	7.3%
Earnings yield	4.2%	4.3%	5.0%	6.5%	3.8%	4.5%	4.9%	1.8%
Enterprise value	€523.2M	€441.2M	€343.2M	€275.1M	€347.6M	€353.9M	€247.6M	€153.4M
Net debt / EBITDA	1.25×	2×	1.29×	0.72×	0.61×	0.77×	0.7×	1.39×
Cash conversion cycle (days)	142	222	217	190	196	200	218	220