LEG Immobilien SE (LEG.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

+138.1%

€116.23

vs €48.82 price

Levered DCF

€146.70

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.35

Distress zone

Rating

S-

Overall 5 / 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	3.2×	82.63×	-3.79×	19.14×	5.17×	6.57×	8.37×	7.95×
P/B	0.54×	0.82×	0.79×	0.49×	1×	1.21×	1.16×	1.41×
P/S	3.13×	4.66×	4.74×	3.89×	9.25×	10.4×	8.42×	8.71×
EV / EBITDA	10.64×	45.41×	-8.32×	14.06×	7.51×	9.16×	5.52×	9.11×
Gross margin	37.3%	47.7%	46.7%	35.9%	54.2%	49.6%	53.3%	54.1%
Operating margin	34.1%	25.0%	-150.3%	54.6%	234.4%	178.4%	159.3%	153.3%
Net margin	97.8%	5.1%	-126.4%	20.4%	179.0%	158.1%	100.6%	109.7%
Current ratio	0.35×	0.53×	0.83×	1×	0.46×	0.5×	1.19×	0.34×
Debt / equity	1.17×	1.32×	1.26×	1.04×	1×	0.8×	0.03×	0.97×
Interest coverage	2.51×	1.65×	-11.3×	4.39×	18.53×	15.02×	8.45×	10.78×
Dividend yield	2.7%	2.5%	0.0%	4.1%	2.1%	1.9%	3.3%	2.9%
Payout ratio	8.6%	232.1%	0.0%	78.3%	10.8%	12.7%	27.3%	22.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.8%	0.9%	-21.0%	2.6%	19.3%	18.5%	13.8%	17.7%
Return on invested capital	2.4%	0.9%	-7.6%	1.4%	9.0%	10.1%	8.0%	8.5%
Return on assets	6.9%	0.3%	-8.1%	1.1%	8.4%	8.9%	6.3%	7.5%
Free cash flow yield	9.5%	6.9%	7.4%	7.0%	3.8%	3.5%	4.5%	4.2%
Earnings yield	31.2%	1.1%	-26.7%	5.2%	19.4%	15.2%	11.9%	12.6%
Enterprise value	€14.1B	€15.5B	€15B	€13.6B	€17.1B	€14.5B	€6.6B	€11.1B
Net debt / EBITDA	7.11×	27.6×	-5.05×	9.43×	3.61×	3.5×	-0.21×	3.6×
Cash conversion cycle (days)	43	208	19	17	15	16	12	15