Lang & Schwarz AG (LUS1.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

+1141.3%

€188.68

vs €15.20 price

Levered DCF

-€107.31

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.57

Distress zone

Rating

B+

Overall 3 / 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	4.33×	8.21×	10.57×	9.35×	12.3×	18.1×	59.71×	201.03×
P/B	2.29×	3.05×	1.89×	2×	5.56×	5.04×	1.54×	1.85×
P/S	0.18×	0.25×	0.17×	0.11×	0.31×	0.28×	0.17×	0.19×
EV / EBITDA	0.71×	2.02×	-0.38×	-6.24×	1.96×	2.86×	-1.6×	-3.1×
Gross margin	10.0%	11.6%	5.7%	5.5%	11.3%	11.4%	7.2%	7.1%
Operating margin	6.6%	6.8%	2.4%	98.4%	7.6%	7.9%	2.2%	3.4%
Net margin	4.0%	3.0%	1.6%	1.2%	2.5%	1.5%	0.3%	0.1%
Current ratio	12.04×	11.05×	15.54×	25.59×	18.23×	651.81×	268.59×	299.18×
Debt / equity	0.96×	1.12×	0.93×	0.52×	0.98×	2.56×	4.78×	0.49×
Interest coverage	32.05×	8.84×	6.12×	358.39×	3.33×	150.74×	69.61×	143.86×
Dividend yield	7.9%	2.9%	7.5%	17.2%	4.9%	0.0%	7.4%	9.7%
Payout ratio	34.1%	23.5%	79.1%	161.4%	60.0%	0.0%	443.4%	1944.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	53.0%	37.2%	17.9%	21.4%	45.2%	27.7%	2.6%	0.9%
Return on invested capital	4.1%	2.6%	1.0%	68.1%	2.1%	2.3%	0.1%	0.1%
Return on assets	4.1%	2.5%	1.1%	1.3%	2.1%	1.3%	0.1%	0.1%
Free cash flow yield	47.4%	-5.3%	-62.2%	-312.1%	89.4%	173.9%	152.9%	106.1%
Earnings yield	23.1%	12.2%	9.5%	10.7%	8.1%	5.5%	1.7%	0.5%
Enterprise value	€59.8M	€113M	-€5.6M	-€98.6M	€126.4M	€158.6M	-€10.4M	-€33.1M
Net debt / EBITDA	-1.78×	-1.22×	-5.87×	-11.43×	-2.04×	-0.59×	-8.11×	-8.28×
Cash conversion cycle (days)	-1	-2	-2	-1	-1	-3	293	-1