Klassik Radio AG (KA8.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

+123.8%

€7.83

vs €3.50 price

Levered DCF

€16.63

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

7.62

Safe zone

Rating

A+

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	6.71×	30.5×	27.38×	38.73×	19.82×	316.67×	19.84×	19.7×
P/B	3×	5.16×	1.94×	2.29×	2.84×	3.03×	3.06×	3.32×
P/S	0.68×	0.91×	0.87×	1.19×	1.78×	1.87×	1.69×	2.02×
EV / EBITDA	6.41×	8.35×	9.81×	14.34×	13.33×	15.41×	10.05×	18.83×
Gross margin	34.1%	62.4%	32.2%	55.8%	60.1%	62.1%	64.6%	65.7%
Operating margin	6.3%	8.4%	5.3%	-0.0%	2.7%	0.4%	12.0%	8.4%
Net margin	10.0%	3.0%	3.2%	3.2%	9.0%	0.6%	8.6%	10.3%
Current ratio	4.87×	2.36×	1.05×	1.09×	1.28×	1.63×	1.2×	1.23×
Debt / equity	0.02×	0.11×	0.7×	0.74×	0.88×	0.36×	0.05×	0.01×
Interest coverage	36.03×	52.52×	7.48×	-0.01×	5.76×	1.29×	47.2×	27.83×
Dividend yield	5.0%	4.1%	4.2%	4.9%	3.8%	3.7%	3.3%	0.0%
Payout ratio	33.6%	123.5%	113.5%	186.2%	74.6%	1164.4%	64.9%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	44.4%	17.1%	7.2%	6.1%	14.4%	1.0%	15.6%	16.9%
Return on invested capital	17.9%	12.3%	3.6%	-0.0%	1.8%	0.0%	16.2%	15.0%
Return on assets	24.9%	6.9%	3.3%	2.7%	6.2%	0.5%	9.8%	11.8%
Free cash flow yield	7.6%	13.9%	6.9%	0.1%	-5.0%	4.1%	11.9%	1.9%
Earnings yield	14.8%	3.3%	3.7%	2.6%	5.1%	0.3%	5.1%	5.1%
Enterprise value	€13.7M	€17.1M	€23M	€26.7M	€32.4M	€25.1M	€28.2M	€30.9M
Net debt / EBITDA	-0.42×	-0.27×	2.49×	3.29×	2.33×	-1.46×	-0.87×	-0.31×
Cash conversion cycle (days)	37	-10	78	39	76	44	12	60