thyssenkrupp nucera AG & Co. KGaA (NCH2.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

-128.0%

-€2.15

vs €7.70 price

Levered DCF

€13.31

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

2.35

Grey zone

Rating

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
P/E	283.52×	107.22×	88.43×	495.16×	138.35×	138.35×
P/B	1.73×	1.56×	2.64×	14.05×	14.61×	16.19×
P/S	1.54×	1.37×	3.02×	7.75×	9.3×	11.69×
EV / EBITDA	18.5×	24.97×	48.24×	193.56×	96.98×	95.2×
Gross margin	13.3%	10.6%	14.6%	18.6%	21.6%	23.7%
Operating margin	-0.4%	-2.6%	3.6%	2.3%	8.4%	10.5%
Net margin	0.5%	1.3%	3.4%	1.6%	6.7%	8.5%
Current ratio	2.68×	2.4×	2.8×	1.48×	1.78×	1.68×
Debt / equity	0.04×	0.01×	0.01×	0.02×	0.02×	0.03×
Interest coverage	-2.06×	-55×	4.49×	7.27×	39.15×	77.52×
Dividend yield	0.0%	0.0%	0.0%	0.3%	0.1%	0.4%
Payout ratio	0.0%	0.0%	0.0%	166.7%	14.5%	50.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	0.6%	1.5%	3.0%	2.8%	10.5%	11.8%
Return on invested capital	-0.1%	-2.6%	2.1%	2.2%	9.5%	10.3%
Return on assets	0.4%	0.9%	2.0%	1.1%	5.1%	5.6%
Free cash flow yield	0.8%	-6.4%	-0.9%	2.9%	1.2%	0.1%
Earnings yield	0.4%	0.9%	1.1%	0.2%	0.7%	0.7%
Enterprise value	€647.6M	€504.4M	€1.2B	€2.9B	€3B	€3B
Net debt / EBITDA	-18.74×	-33.42×	-30.5×	-1.53×	-0.25×	0.01×
Cash conversion cycle (days)	90	71	33	331	310	421