Knaus Tabbert AG (KTA.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

-1012.7%

-€82.69

vs €9.06 price

Levered DCF

-€125.73

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.86

Grey zone

Rating

C-

Overall 1 / 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	-3.57×	-2.56×	7.89×	11.23×	22.12×	20.99×	8.65×	9.41×
P/B	1.71×	1.09×	2.47×	2.26×	4.29×	5.32×	2.74×	3.28×
P/S	0.13×	0.11×	0.33×	0.32×	0.67×	0.83×	0.35×	0.37×
EV / EBITDA	23.14×	-69.95×	5.85×	7.82×	11.5×	11.05×	5.61×	6.43×
Gross margin	24.9%	26.8%	27.0%	28.2%	30.3%	30.8%	29.8%	29.3%
Operating margin	-1.5%	-4.4%	6.3%	4.2%	4.4%	5.9%	5.8%	5.8%
Net margin	-3.7%	-4.4%	4.2%	2.8%	3.0%	3.9%	4.0%	3.9%
Current ratio	0.85×	0.91×	1.21×	1.23×	1.07×	1.26×	1.08×	1.09×
Debt / equity	4.15×	3.09×	1.34×	1.4×	0.77×	0.51×	0.96×	1.1×
Interest coverage	-0.94×	-3.03×	9.4×	14.29×	32×	22.51×	18.35×	17.35×
Dividend yield	0.0%	24.5%	3.3%	4.7%	2.7%	4.6%	5.6%	5.6%
Payout ratio	0.0%	-62.7%	25.8%	52.6%	60.1%	95.8%	48.1%	52.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-47.9%	-42.4%	31.3%	20.2%	19.3%	25.3%	31.7%	34.8%
Return on invested capital	-3.6%	-7.6%	13.6%	8.5%	10.2%	15.9%	14.6%	15.4%
Return on assets	-7.1%	-7.5%	8.8%	5.3%	7.5%	11.0%	10.0%	10.2%
Free cash flow yield	34.4%	-30.6%	-4.6%	-20.1%	-3.7%	7.7%	4.5%	-3.4%
Earnings yield	-28.0%	-39.0%	12.7%	8.9%	4.5%	4.8%	11.6%	10.6%
Enterprise value	€448.2M	€466.5M	€722.8M	€531.7M	€674.3M	€718.3M	€362.1M	€358.4M
Net debt / EBITDA	16.34×	-51.5×	2×	2.93×	1.71×	0.93×	1.43×	1.59×
Cash conversion cycle (days)	89	116	87	87	72	68	71	54