LS telcom AG (LSX.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

-171.5%

-€2.60

vs €3.64 price

Levered DCF

-€0.18

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.68

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	25.29×	-5.23×	-106.52×	14.12×	-351.28×	-12.79×	23.33×	-14.05×
P/B	1.38×	1.32×	1.27×	1.52×	2.45×	1.74×	2.47×	1.7×
P/S	0.56×	0.51×	0.54×	0.59×	1.26×	1.09×	1.29×	0.91×
EV / EBITDA	4.44×	6.78×	4.28×	3.39×	6.61×	14.33×	7.38×	15.49×
Gross margin	17.3%	90.4%	86.1%	14.8%	13.3%	8.7%	83.0%	84.7%
Operating margin	2.8%	-6.2%	2.5%	6.5%	3.6%	-4.1%	5.0%	-6.3%
Net margin	2.1%	-9.8%	-0.5%	4.2%	-0.4%	-8.5%	5.6%	-6.5%
Current ratio	1.45×	1.5×	1.3×	1.31×	1.37×	2.04×	1.61×	1.37×
Debt / equity	0.72×	0.87×	0.48×	0.47×	0.73×	0.83×	0.31×	0.39×
Interest coverage	1.82×	-4.53×	3.6×	10.99×	4.46×	-5.51×	11.7×	-10.11×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.2%	-25.3%	-1.2%	10.8%	-0.7%	-13.5%	10.6%	-12.0%
Return on invested capital	3.5%	-7.5%	-0.6%	6.6%	0.3%	-2.6%	5.8%	-8.0%
Return on assets	2.0%	-8.7%	-0.5%	4.6%	-0.2%	-5.4%	5.6%	-6.0%
Free cash flow yield	4.3%	-1.7%	-5.2%	-3.2%	3.6%	9.7%	3.7%	-5.9%
Earnings yield	3.8%	-19.2%	-0.9%	7.1%	-0.3%	-7.8%	4.3%	-7.1%
Enterprise value	€25.5M	€24.1M	€26.4M	€29.7M	€40.2M	€29.9M	€48.1M	€33M
Net debt / EBITDA	0.87×	1.49×	0.6×	0.21×	0.08×	0.83×	0.51×	2.25×
Cash conversion cycle (days)	73	-20	12	69	104	-7	86	59