Nabaltec AG (NTG.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

+32.2%

€14.41

vs €10.90 price

Levered DCF

€12.81

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.96

Grey 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	11.14×	8.33×	14.69×	8.73×	19.19×	-12.15×	27.05×	18.89×
P/B	0.68×	0.78×	1.19×	1.73×	3.24×	3.1×	2.93×	2.03×
P/S	0.55×	0.57×	0.84×	1.05×	1.65×	1.49×	1.62×	1.1×
EV / EBITDA	4.91×	3.35×	5.22×	5.55×	8.81×	11.46×	10.77×	8.08×
Gross margin	18.8%	51.4%	19.4%	53.3%	53.6%	50.6%	54.3%	51.6%
Operating margin	7.2%	10.7%	9.2%	13.7%	13.0%	-9.9%	10.4%	10.4%
Net margin	4.9%	6.9%	5.7%	12.1%	8.6%	-12.3%	6.0%	5.8%
Current ratio	7.84×	7.37×	9.7×	5.85×	1.23×	4.16×	1.5×	3.53×
Debt / equity	0.57×	0.59×	0.64×	0.68×	0.61×	0.77×	0.72×	0.74×
Interest coverage	5.3×	6.44×	4.24×	14.13×	13.54×	-7.82×	6.64×	6.58×
Dividend yield	2.4%	2.1%	1.5%	1.0%	0.0%	0.6%	0.6%	0.8%
Payout ratio	26.4%	17.3%	21.6%	8.3%	0.0%	-6.7%	16.4%	15.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.1%	9.3%	8.1%	19.8%	16.9%	-25.6%	10.8%	10.7%
Return on invested capital	3.6%	5.6%	4.9%	11.2%	8.8%	-8.7%	5.7%	5.9%
Return on assets	3.2%	4.8%	4.1%	9.4%	7.4%	-9.9%	4.5%	4.6%
Free cash flow yield	-9.1%	2.5%	1.4%	9.4%	8.5%	5.9%	0.8%	-5.7%
Earnings yield	9.0%	12.0%	6.8%	11.4%	5.2%	-8.2%	3.7%	5.3%
Enterprise value	€126.3M	€123.1M	€173.1M	€233.8M	€319.5M	€271.6M	€332.3M	€235.1M
Net debt / EBITDA	0.72×	0.12×	0.15×	0.08×	0.19×	1.4×	1.36×	1.4×
Cash conversion cycle (days)	99	136	101	124	112	117	138	112