Lenzing AG (LNZ.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

-754.7%

-€73.07

vs €11.16 price

Levered DCF

-€197.05

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.75

Distress zone

Rating

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	-3.16×	-5.35×	-1.31×	-32.83×	24.7×	-174.34×	15.07×	11.92×
P/B	1.36×	0.64×	0.9×	0.7×	1.45×	1.07×	1.22×	1.18×
P/S	0.26×	0.32×	0.34×	0.48×	1.24×	1.13×	0.88×	0.82×
EV / EBITDA	9.62×	7.03×	-19.3×	11.36×	9.76×	11.17×	6.51×	4.96×
Gross margin	12.0%	19.1%	-3.0%	15.7%	22.9%	46.1%	43.8%	44.6%
Operating margin	-1.5%	3.3%	-18.9%	1.3%	10.4%	3.5%	7.8%	11.1%
Net margin	-6.6%	-5.9%	-25.8%	-1.5%	6.3%	-0.6%	5.8%	6.8%
Current ratio	1.36×	1.48×	1.62×	1.7×	2.53×	3.67×	2.48×	1.75×
Debt / equity	5.42×	1.99×	3.11×	1.19×	1.05×	0.83×	0.56×	0.2×
Interest coverage	-0.3×	0.54×	-4.31×	1.03×	5.23×	2.53×	14.66×	27.29×
Dividend yield	0.0%	3.4%	3.4%	11.8%	1.1%	0.0%	7.2%	7.5%
Payout ratio	0.0%	-18.5%	-4.4%	-387.7%	20.8%	-1.9%	108.1%	89.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-35.1%	-12.0%	-68.8%	-2.1%	7.4%	-0.6%	8.1%	9.9%
Return on invested capital	-1.0%	2.1%	-10.1%	0.7%	3.5%	-0.7%	4.2%	8.1%
Return on assets	-3.7%	-3.1%	-12.5%	-0.7%	2.6%	-0.3%	3.9%	5.7%
Free cash flow yield	20.9%	19.8%	-12.7%	-60.6%	-16.5%	-33.5%	0.0%	1.3%
Earnings yield	-25.8%	-18.7%	-76.4%	-3.0%	5.1%	-0.6%	6.6%	8.4%
Enterprise value	€2.6B	€3B	€3.1B	€2.9B	€3.6B	€2.2B	€2.1B	€1.8B
Net debt / EBITDA	7.2×	5.06×	-13.94×	6.48×	2.36×	1.89×	0.86×	0.17×
Cash conversion cycle (days)	76	87	79	98	66	110	90	92