Binect AG (MA10.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

+14.5%

€2.14

vs €1.87 price

Levered DCF

-€3.46

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

3.39

Safe 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	42.47×	60×	74.34×	52.81×	89.03×	18.76×	-0.75×	-1.02×
P/B	0.57×	0.59×	0.83×	0.94×	1.04×	1.27×	0.56×	1.39×
P/S	0.23×	0.25×	0.49×	0.65×	0.87×	0.93×	0.38×	11.88×
EV / EBITDA	4.47×	4.57×	6.76×	8.66×	10.79×	7.43×	-0.71×	-136.63×
Gross margin	20.5%	12.5%	21.7%	41.8%	42.8%	42.3%	56.9%	31.0%
Operating margin	0.2%	0.1%	2.4%	2.5%	1.9%	4.8%	-56.4%	-11.0%
Net margin	0.5%	0.4%	0.7%	1.2%	1.0%	4.8%	-50.8%	-1169.9%
Current ratio	47.18×	1.64×	2.14×	2.63×	3.73×	2.25×	2.7×	21.19×
Debt / equity	0.06×	0.07×	0.08×	0.09×	0×	0.02×	0.04×	0×
Interest coverage	1.78×	1×	14.89×	13.52×	6.06×	12.2×	-148.44×	0×
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	1.3%	1.0%	1.1%	1.8%	1.2%	6.6%	-74.5%	-136.4%
Return on invested capital	0.3%	0.2%	1.0%	1.8%	1.4%	6.3%	-69.8%	-1.2%
Return on assets	0.9%	0.6%	0.8%	1.3%	1.0%	5.4%	-63.0%	-132.6%
Free cash flow yield	-1.0%	3.6%	-2.0%	7.1%	-11.7%	7.1%	7.7%	0.5%
Earnings yield	2.4%	1.7%	1.3%	1.9%	1.1%	5.2%	-132.2%	-98.5%
Enterprise value	€3.5M	€3.5M	€5.7M	€6.4M	€6.8M	€7.2M	€3M	€13.1M
Net debt / EBITDA	-2.08×	-2.15×	-1.79×	-2.36×	-3.23×	-1.6×	0.16×	8.37×
Cash conversion cycle (days)	16	12	11	12	44	1	13	-67