Merkur PrivatBank KgaA (MBK.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

+516.0%

€70.84

vs €11.50 price

Levered DCF

-€38.61

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.06

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	12.35×	10.13×	11.73×	10.71×	12.46×	9.62×	262.87×	13.75×
P/B	1.02×	0.98×	0.95×	0.84×	0.97×	0.71×	0.54×	0.91×
P/S	0.71×	0.63×	0.75×	0.96×	1.24×	0.9×	0.95×	1.15×
EV / EBITDA	18.84×	6.03×	5.85×	5.96×	-12.41×	-12.31×	-18.8×	-3.13×
Gross margin	52.6%	57.5%	70.0%	89.7%	89.9%	88.6%	84.3%	83.8%
Operating margin	12.5%	12.3%	15.8%	18.6%	21.6%	20.5%	8.6%	20.6%
Net margin	5.8%	5.2%	6.4%	9.0%	10.0%	9.4%	40.5%	8.4%
Current ratio	4.52×	0.01×	0.01×	0.01×	0.17×	0.14×	0.09×	0.08×
Debt / equity	2.85×	0.49×	0.54×	0.42×	0.3×	0.27×	0.27×	0.31×
Interest coverage	0.38×	0.29×	0.53×	1.8×	2.13×	1.8×	0.55×	1.27×
Dividend yield	2.5%	3.3%	2.8%	3.3%	2.7%	3.2%	3.3%	3.4%
Payout ratio	30.9%	40.0%	32.4%	35.4%	33.9%	30.3%	7.7%	46.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.2%	8.1%	8.1%	7.9%	7.8%	7.4%	23.2%	6.6%
Return on invested capital	0.3%	2.8%	2.9%	3.2%	3.2%	3.4%	0.1%	2.8%
Return on assets	0.3%	0.3%	0.3%	0.3%	0.3%	0.3%	1.0%	0.3%
Free cash flow yield	0.0%	0.0%	0.0%	2.5%	1.5%	2.6%	3.0%	0.0%
Earnings yield	8.1%	8.3%	8.5%	9.3%	8.0%	10.4%	42.7%	7.3%
Enterprise value	€558M	€174.6M	€166.2M	€129.9M	-€257.6M	-€232M	-€109.8M	-€30.7M
Net debt / EBITDA	13.59×	1.2×	1.39×	1.11×	-17.92×	-16.47×	-28.24×	-8.23×
Cash conversion cycle (days)	0	3	2	0	0	0	1	-44