Josef Manner & Comp. AG (MAN.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

+141.8%

€246.65

vs €102.00 price

Levered DCF

€352.26

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

3.93

Safe zone

Rating

C+

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	39.62×	13.5×	41.73×	57.79×	69.81×	107.92×	35.38×	23.18×
P/B	2.56×	2.55×	3.23×	3.4×	3.46×	3.54×	3.25×	2.48×
P/S	0.65×	0.67×	0.77×	0.91×	0.97×	0.95×	0.83×	0.63×
EV / EBITDA	9.32×	6.99×	13.63×	17.52×	17.1×	20.28×	13.51×	10.37×
Gross margin	19.0%	46.0%	42.8%	42.7%	53.8%	48.9%	50.7%	49.8%
Operating margin	4.5%	7.3%	3.8%	3.1%	2.3%	1.5%	3.3%	4.3%
Net margin	1.6%	5.0%	1.9%	1.6%	1.4%	0.9%	2.4%	2.7%
Current ratio	1.41×	1.34×	1.24×	1.15×	1.02×	1.18×	1.14×	1.2×
Debt / equity	0.41×	0.44×	0.89×	1.15×	0.97×	0.75×	0.71×	0.75×
Interest coverage	6.85×	9.33×	3.65×	3.94×	3.99×	3.94×	9.46×	10.48×
Dividend yield	1.9%	1.6%	1.1%	0.7%	0.7%	0.4%	0.8%	0.6%
Payout ratio	75.5%	21.0%	45.1%	40.3%	50.4%	39.5%	28.9%	13.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.5%	18.9%	7.8%	5.9%	4.9%	3.3%	9.2%	10.7%
Return on invested capital	5.9%	12.6%	5.1%	3.5%	3.3%	2.0%	4.6%	6.0%
Return on assets	3.0%	9.0%	2.8%	2.0%	1.9%	1.3%	3.6%	4.1%
Free cash flow yield	4.5%	16.9%	3.4%	-2.4%	6.1%	0.3%	9.5%	12.2%
Earnings yield	2.5%	7.4%	2.4%	1.7%	1.4%	0.9%	2.8%	4.3%
Enterprise value	€218.7M	€219.3M	€264.2M	€271.7M	€254.3M	€248.5M	€225.1M	€171.7M
Net debt / EBITDA	0.86×	0.79×	2.81×	3.5×	3×	3.47×	2.39×	2.38×
Cash conversion cycle (days)	54	73	80	84	62	89	93	41