Kontron AG (KTN.VI) 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

+18.9%

€24.16

vs €20.32 price

Levered DCF

€16.14

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.53

Grey 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	9.94×	13.19×	17.51×	-76.8×	19.45×	21.97×	29.12×	22.16×
P/B	1.89×	1.89×	2.26×	1.54×	2.23×	3.04×	3.86×	2.8×
P/S	0.87×	0.71×	1.11×	0.89×	0.7×	0.98×	1.28×	1.01×
EV / EBITDA	11.46×	7.53×	9.59×	10.54×	9.58×	9.74×	13.14×	10.41×
Gross margin	12.0%	22.7%	21.1%	16.8%	19.7%	15.9%	15.8%	16.9%
Operating margin	4.3%	6.8%	7.1%	1.3%	4.7%	5.5%	5.5%	6.2%
Net margin	8.8%	5.4%	6.3%	-1.2%	3.6%	4.4%	4.4%	4.5%
Current ratio	1.39×	1.5×	1.39×	1.86×	1.43×	1.53×	1.51×	1.59×
Debt / equity	0.69×	0.97×	0.44×	0.57×	0.91×	0.82×	0.95×	0.36×
Interest coverage	2.35×	3.51×	4.73×	1.26×	5.86×	6.23×	6.86×	9.98×
Dividend yield	2.6%	2.6%	4.7%	2.3%	2.1%	0.0%	0.7%	0.8%
Payout ratio	26.1%	34.0%	81.6%	-173.5%	39.7%	0.0%	21.5%	18.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	19.0%	14.3%	12.9%	-2.0%	11.5%	13.8%	13.2%	12.6%
Return on invested capital	4.9%	8.4%	8.9%	1.4%	6.5%	7.4%	7.0%	9.8%
Return on assets	7.7%	5.0%	5.7%	-0.9%	3.6%	4.5%	4.0%	5.3%
Free cash flow yield	4.6%	2.3%	4.7%	0.4%	5.2%	8.7%	3.9%	1.0%
Earnings yield	10.1%	7.6%	5.7%	-1.3%	5.2%	4.5%	3.4%	4.5%
Enterprise value	€1.6B	€1.5B	€1.3B	€905.9M	€1B	€1.3B	€1.5B	€953.2M
Net debt / EBITDA	1.7×	1.51×	-0.5×	-0.83×	0.83×	0.39×	0.41×	-0.49×
Cash conversion cycle (days)	101	101	60	72	59	56	64	65