Jungheinrich AG (JUN3.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

+258.6%

€76.61

vs €21.36 price

Levered DCF

€91.51

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.02

Grey zone

Rating

B-

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	34.73×	9.07×	11.34×	10.07×	17.2×	24.73×	12.36×	13.02×
P/B	1.47×	1.07×	1.52×	1.32×	2.54×	2.41×	1.47×	1.68×
P/S	0.66×	0.49×	0.61×	0.57×	1.08×	0.98×	0.54×	0.6×
EV / EBITDA	4.35×	3.07×	4.3×	3.94×	6.31×	6.59×	4.07×	4.51×
Gross margin	32.2%	32.0%	31.1%	30.9%	31.2%	30.1%	29.1%	29.5%
Operating margin	6.5%	7.9%	7.8%	7.9%	8.5%	7.1%	6.6%	7.3%
Net margin	1.9%	5.4%	5.4%	5.7%	6.3%	4.0%	4.3%	4.6%
Current ratio	1.39×	1.43×	1.26×	1.47×	1.36×	1.52×	1.52×	1.51×
Debt / equity	0.28×	0.29×	0.42×	0.3×	0.3×	0.51×	0.52×	0.47×
Interest coverage	10.44×	13.53×	13.4×	27.21×	31.38×	19.79×	14.65×	22.95×
Dividend yield	2.2%	2.9%	2.0%	2.5%	0.9%	1.3%	2.3%	2.2%
Payout ratio	77.7%	26.1%	22.8%	25.4%	16.1%	31.7%	28.2%	28.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.2%	11.9%	13.5%	13.1%	14.8%	9.8%	11.9%	12.9%
Return on invested capital	3.0%	5.9%	6.4%	6.7%	6.8%	5.1%	5.0%	5.7%
Return on assets	1.2%	4.1%	4.3%	4.4%	4.6%	2.8%	3.4%	3.7%
Free cash flow yield	9.6%	16.8%	10.0%	-8.8%	3.5%	12.5%	7.3%	3.6%
Earnings yield	2.9%	11.0%	8.8%	9.9%	5.8%	4.1%	8.1%	7.7%
Enterprise value	€3.6B	€2.8B	€3.8B	€3B	€4.6B	€3.8B	€2.6B	€2.6B
Net debt / EBITDA	0.04×	0.19×	0.47×	0.36×	0.08×	0.17×	0.62×	0.56×
Cash conversion cycle (days)	49	91	95	113	91	83	90	94