Mbb Se (MBB.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

+54.6%

€293.37

vs €189.80 price

Levered DCF

€1,238.06

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.01

Safe zone

Rating

Overall 4 / 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	21.71×	14.42×	44.48×	22.12×	765.56×	50.7×	16.01×	29.79×
P/B	1.67×	0.97×	0.97×	0.98×	1.4×	1.81×	1.26×	1.23×
P/S	0.94×	0.51×	0.55×	0.6×	1.2×	0.93×	0.73×	0.91×
EV / EBITDA	3.8×	1.46×	3.69×	2.69×	9.25×	8.15×	3.5×	4.01×
Gross margin	17.9%	13.4%	37.7%	39.6%	45.6%	46.1%	41.2%	37.0%
Operating margin	10.7%	6.8%	3.5%	5.0%	2.3%	4.1%	5.3%	6.6%
Net margin	4.3%	3.5%	1.2%	2.7%	0.2%	1.8%	4.6%	3.0%
Current ratio	2.77×	2.5×	2.66×	3.09×	3.06×	2.38×	2.26×	3.43×
Debt / equity	0.13×	0.11×	0.1×	0.12×	0.15×	0.22×	0.26×	0.17×
Interest coverage	37.19×	17.93×	9.79×	13.64×	6.01×	8.16×	12.54×	18.31×
Dividend yield	1.6%	1.0%	1.1%	2.2%	1.3%	0.6%	1.0%	1.9%
Payout ratio	34.9%	14.3%	47.0%	47.6%	995.3%	32.7%	15.2%	56.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.7%	6.7%	2.2%	4.5%	0.2%	3.6%	7.9%	4.1%
Return on invested capital	7.5%	5.3%	2.7%	2.8%	0.1%	2.0%	3.7%	4.1%
Return on assets	3.6%	3.1%	1.1%	2.2%	0.1%	1.6%	3.2%	2.1%
Free cash flow yield	16.2%	27.0%	13.8%	-1.7%	2.5%	3.4%	11.4%	0.2%
Earnings yield	4.6%	6.9%	2.2%	4.5%	0.1%	2.0%	6.2%	3.4%
Enterprise value	€675.9M	€214.7M	€281.1M	€238.8M	€485.8M	€511.7M	€277.9M	€215.5M
Net debt / EBITDA	-2.4×	-2.23×	-3.41×	-3.33×	-6.26×	-2.1×	-1.93×	-4.54×
Cash conversion cycle (days)	55	72	79	81	84	79	103	80