Netfonds AG (NF4.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

+413.3%

€415.75

vs €81.00 price

Levered DCF

-€96.39

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

4.88

Safe zone

Rating

—

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	71×	38.75×	-166.92×	106.67×	11.66×	-4,579.71×	-170×	-60.76×
P/B	4.41×	4.5×	4.88×	4.16×	4.47×	5.02×	4.62×	3.64×
P/S	0.36×	0.42×	0.52×	0.52×	0.48×	0.48×	0.44×	0.45×
EV / EBITDA	34.62×	0.62×	21.99×	15.89×	6.22×	17.91×	18.63×	28.71×
Gross margin	18.6%	9.7%	16.2%	17.5%	22.1%	19.0%	20.3%	10.5%
Operating margin	2.0%	1.5%	1.0%	1.9%	6.1%	1.6%	0.7%	8.8%
Net margin	0.5%	0.7%	-0.3%	0.5%	4.1%	-0.0%	-0.3%	-0.7%
Current ratio	1.21×	1.54×	12,194.67×	1,246.92×	1,338.5×	1.87×	1.18×	1.79×
Debt / equity	1.38×	1.22×	0.5×	0.41×	0.32×	1.85×	1.87×	0.86×
Interest coverage	2.6×	4.02×	3.56×	7.19×	4.81×	2.17×	0.77×	41.12×
Dividend yield	0.8%	0.6%	0.6%	0.6%	0.4%	0.0%	0.7%	0.7%
Payout ratio	58.6%	32.8%	-93.6%	65.1%	4.2%	0.0%	-125.4%	-41.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.2%	7.9%	-3.0%	3.8%	38.3%	-0.1%	-2.6%	-6.0%
Return on invested capital	3.2%	4.2%	-1.1%	2.3%	16.6%	28.0%	-7.1%	27.4%
Return on assets	1.1%	1.6%	-0.9%	1.3%	12.2%	-0.0%	-0.5%	-1.7%
Free cash flow yield	13.4%	-7.1%	-1.2%	-0.5%	-20.3%	2.5%	-24.6%	-37.3%
Earnings yield	1.4%	1.8%	-0.6%	0.9%	8.6%	-0.0%	-0.6%	-1.6%
Enterprise value	€123.8M	€124.4M	€107.2M	€94.9M	€100.2M	€83.6M	€66.6M	€46.5M
Net debt / EBITDA	6.88×	0.12×	1.29×	0.47×	0.14×	2.91×	4.58×	2.83×
Cash conversion cycle (days)	-15	-1	-8	-8	-5	43	66	22