Orbis AG (OBS.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

+792.4%

€41.94

vs €4.70 price

Levered DCF

€29.20

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.84

Grey 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	17.06×	13.69×	20×	27.6×	30.6×	30.48×	31.82×	19.44×
P/B	1.52×	1.62×	1.84×	2.28×	2.39×	1.89×	2.47×	1.7×
P/S	0.41×	0.41×	0.42×	0.54×	0.74×	0.69×	0.86×	0.66×
EV / EBITDA	3.54×	3.56×	4.39×	6.2×	6.6×	5.28×	8.3×	6.8×
Gross margin	28.0%	26.8%	16.4%	10.8%	9.5%	10.8%	13.7%	18.6%
Operating margin	3.2%	3.8%	3.9%	4.0%	4.5%	5.0%	2.9%	5.2%
Net margin	2.4%	3.0%	2.1%	2.0%	2.4%	2.3%	2.7%	3.5%
Current ratio	1.33×	1.38×	1.36×	1.41×	1.71×	1.91×	1.7×	1.94×
Debt / equity	0.24×	0.27×	0.35×	0.37×	0.29×	0.33×	0.19×	0×
Interest coverage	13.36×	6.5×	4.9×	16.57×	16.49×	13.22×	10.72×	466.29×
Dividend yield	1.7%	1.7%	2.6%	2.9%	2.6%	0.0%	2.3%	2.8%
Payout ratio	29.2%	23.7%	52.4%	79.3%	79.9%	0.0%	71.8%	54.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.9%	11.9%	9.1%	8.3%	7.8%	6.2%	7.9%	8.8%
Return on invested capital	4.8%	7.1%	6.7%	6.0%	6.2%	5.5%	3.6%	8.6%
Return on assets	3.7%	4.5%	3.0%	2.8%	3.1%	2.5%	3.4%	4.5%
Free cash flow yield	11.0%	15.6%	13.8%	3.3%	8.2%	18.3%	4.7%	5.9%
Earnings yield	5.9%	7.3%	4.9%	3.7%	3.3%	3.3%	3.2%	5.2%
Enterprise value	€46M	€45.5M	€49M	€60.2M	€57.2M	€43.9M	€56.3M	€29.9M
Net debt / EBITDA	-0.68×	-0.7×	-0.53×	-0.53×	-1.76×	-1.89×	-0.83×	-2.74×
Cash conversion cycle (days)	60	55	54	68	68	67	81	83