Mayr-Melnhof Karton AG (MMK.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

-22.0%

€50.92

vs €65.30 price

Levered DCF

€101.28

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.98

Grey zone

Rating

B-

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	24.07×	14.71×	29.04×	8.8×	18.67×	20.47×	12.6×	13.45×
P/B	0.88×	0.75×	1.26×	1.55×	2.13×	2.14×	1.59×	1.59×
P/S	0.48×	0.39×	0.61×	0.65×	1.15×	1.31×	0.94×	0.94×
EV / EBITDA	8.59×	6.67×	9.86×	6.47×	12.73×	9.35×	6.61×	6.83×
Gross margin	20.8%	42.6%	40.1%	24.1%	21.5%	25.5%	24.6%	23.4%
Operating margin	2.6%	4.7%	4.7%	10.9%	6.8%	9.2%	10.0%	9.3%
Net margin	1.9%	2.7%	2.1%	7.3%	6.2%	6.4%	7.5%	7.0%
Current ratio	1.58×	1.72×	1.75×	1.99×	1.99×	2.2×	1.98×	2.84×
Debt / equity	0.67×	0.77×	1.01×	0.9×	0.86×	0.17×	0.23×	0.15×
Interest coverage	1.92×	2.28×	3.39×	15.62×	8.41×	29.43×	30.41×	35.72×
Dividend yield	1.9%	1.9%	3.3%	2.3%	1.8%	1.9%	2.7%	2.8%
Payout ratio	46.8%	27.7%	96.3%	20.4%	33.8%	39.7%	33.7%	37.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.6%	5.1%	4.3%	17.6%	11.4%	10.5%	12.6%	11.8%
Return on invested capital	1.5%	4.7%	3.0%	9.6%	4.9%	8.5%	9.5%	9.5%
Return on assets	1.7%	2.2%	1.7%	7.1%	4.7%	6.7%	7.8%	7.9%
Free cash flow yield	-2.2%	18.6%	14.3%	-1.0%	0.6%	5.0%	8.2%	5.5%
Earnings yield	4.1%	6.8%	3.4%	11.4%	5.4%	4.9%	7.9%	7.4%
Enterprise value	€2.8B	€2.7B	€3.8B	€4.5B	€4.6B	€3.4B	€2.6B	€2.2B
Net debt / EBITDA	2.84×	2.74×	3.28×	2.13×	2.95×	0.33×	0.55×	-0.16×
Cash conversion cycle (days)	36	25	52	102	96	103	105	96