mwb fairtrade Wertpapierhandelsbank AG (MWB0.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

+107.2%

€20.51

vs €9.90 price

Levered DCF

€1.42

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

3.38

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	5.47×	8.68×	-48.65×	38×	7.43×	3.89×	6.16×	31.32×
P/B	2.05×	1.37×	1.22×	2.64×	3.14×	2.27×	0.79×	1.6×
P/S	1.3×	0.92×	0.97×	1.97×	1.73×	1.36×	0.51×	1.07×
EV / EBITDA	3.22×	5.13×	120.72×	23.38×	5.14×	2.29×	4.8×	20.92×
Gross margin	100.0%	100.0%	99.8%	100.0%	99.8%	100.0%	89.7%	90.0%
Operating margin	33.6%	17.1%	0.3%	7.9%	35.5%	43.9%	7.7%	2.1%
Net margin	23.8%	10.6%	-2.0%	5.2%	23.3%	34.8%	8.3%	3.4%
Current ratio	12.55×	0.31×	0.88×	14.95×	195.53×	50.47×	0.01×	0.01×
Debt / equity	0×	0.01×	0.74×	0.63×	0.44×	0.01×	0.01×	0.01×
Interest coverage	1,431.4×	786.83×	1.98×	21.68×	156.39×	622.82×	408.18×	17.21×
Dividend yield	3.4%	0.0%	5.2%	19.4%	14.5%	1.9%	2.5%	14.7%
Payout ratio	18.6%	0.0%	-253.5%	739.7%	108.0%	7.6%	15.6%	461.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	37.4%	15.8%	-2.5%	6.9%	42.3%	58.4%	12.8%	5.1%
Return on invested capital	18.4%	7.7%	-0.9%	47.8%	199.9%	124.4%	274.9%	52.9%
Return on assets	17.7%	7.3%	-0.9%	2.7%	18.2%	31.6%	7.3%	2.8%
Free cash flow yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings yield	18.3%	11.5%	-2.1%	2.6%	13.4%	25.7%	16.2%	3.2%
Enterprise value	€54.9M	€30M	€36.2M	€64.6M	€99.8M	€57.2M	€10.8M	€19.8M
Net debt / EBITDA	-0.62×	-0.06×	44.59×	3.91×	0.38×	-0.47×	0.04×	0.07×
Cash conversion cycle (days)	0	3	4	3	1	0	-70	-53