MLP SE (MLP.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

-140.7%

-€4.55

vs €11.20 price

Levered DCF

€5.26

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.68

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	13.57×	9.73×	12.59×	10.94×	15.04×	13.5×	16.47×	13.59×
P/B	1.29×	1.17×	1.12×	1.06×	1.89×	1.3×	1.4×	1.12×
P/S	0.72×	0.63×	0.63×	0.6×	1.01×	0.78×	0.87×	0.73×
EV / EBITDA	39.31×	19.69×	23.5×	22.09×	18.07×	24.61×	28.94×	27.65×
Gross margin	21.3%	32.0%	31.8%	30.6%	31.9%	31.2%	30.7%	31.4%
Operating margin	6.7%	8.8%	7.5%	7.9%	8.7%	7.3%	5.9%	6.5%
Net margin	5.3%	6.5%	5.0%	5.5%	6.8%	5.7%	5.3%	5.3%
Current ratio	0.68×	0.78×	0.83×	0.9×	0.77×	0.77×	0.75×	0.73×
Debt / equity	5.6×	5.59×	5.63×	5.51×	5.58×	5.38×	4.69×	4.05×
Interest coverage	33.49×	11.76×	7.49×	13.52×	16.61×	13.42×	13.25×	11.51×
Dividend yield	5.2%	4.9%	5.4%	5.8%	2.7%	3.9%	3.6%	4.6%
Payout ratio	70.7%	47.3%	67.5%	63.7%	40.1%	53.1%	58.6%	63.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.5%	12.1%	9.0%	9.8%	12.6%	9.5%	8.5%	8.1%
Return on invested capital	1.1%	1.7%	1.3%	1.4%	1.6%	1.4%	1.3%	1.4%
Return on assets	1.3%	1.7%	1.2%	1.4%	1.7%	1.3%	1.3%	1.4%
Free cash flow yield	-1.6%	20.6%	16.5%	-56.1%	57.3%	67.6%	29.8%	24.1%
Earnings yield	7.4%	10.3%	8.0%	9.2%	6.7%	7.3%	6.1%	7.3%
Enterprise value	€4B	€2.7B	€2.6B	€2.5B	€2.3B	€2.2B	€2.1B	€1.8B
Net debt / EBITDA	31.8×	14.83×	17.99×	17.15×	10.78×	17.92×	20.71×	20.39×
Cash conversion cycle (days)	695	366	438	594	263	436	467	437