Aurubis AG (NDA.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

-101.5%

-€2.01

vs €133.50 price

Levered DCF

-€0.41

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

4.29

Safe zone

Rating

A-

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	8.6×	6.91×	21.72×	3.3×	4.66×	9.77×	9.55×	9.45×
P/B	0.92×	0.63×	0.72×	0.55×	0.83×	0.91×	0.71×	1.07×
P/S	0.26×	0.17×	0.18×	0.13×	0.17×	0.21×	0.17×	0.26×
EV / EBITDA	4.95×	3.81×	7.61×	1.76×	2.41×	4.57×	4.12×	5.6×
Gross margin	5.5%	9.8%	6.4%	9.7%	11.7%	11.0%	9.0%	9.4%
Operating margin	3.4%	3.0%	0.9%	5.0%	5.1%	3.0%	2.5%	3.2%
Net margin	3.0%	2.4%	0.8%	3.9%	3.7%	2.1%	1.8%	2.8%
Current ratio	2.21×	2.15×	2.38×	2.35×	2.38×	2.44×	2.47×	2.57×
Debt / equity	0.11×	0.08×	0.06×	0.08×	0.17×	0.2×	0.12×	0.12×
Interest coverage	27.22×	14.39×	6.76×	58.56×	33.99×	20.14×	16.94×	27.39×
Dividend yield	1.4%	2.1%	2.6%	3.0%	2.0%	2.2%	3.8%	2.4%
Payout ratio	12.2%	14.7%	55.8%	9.8%	9.3%	21.2%	36.6%	22.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.8%	9.1%	3.3%	16.8%	17.8%	9.3%	7.4%	11.3%
Return on invested capital	7.0%	7.1%	2.6%	13.2%	12.8%	6.6%	5.9%	8.2%
Return on assets	6.0%	5.3%	1.9%	9.6%	9.3%	4.8%	4.2%	6.4%
Free cash flow yield	-1.8%	-10.8%	-1.7%	-2.5%	19.6%	8.8%	2.7%	1.3%
Earnings yield	11.6%	14.5%	4.6%	30.3%	21.5%	10.2%	10.4%	10.6%
Enterprise value	€4.9B	€2.9B	€2.8B	€2B	€2.5B	€2.7B	€1.7B	€2.6B
Net debt / EBITDA	0.23×	0.08×	-0.62×	-0.34×	-0.35×	0.17×	-0.28×	-0.32×
Cash conversion cycle (days)	62	60	54	55	48	58	47	42