Oberbank AG (OBS.VI) 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

+673.9%

€646.99

vs €83.60 price

Levered DCF

€121.35

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

-0.23

Distress 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	FY2019	FY2018
P/E	14.49×	13.02×	11.93×	14.94×	13.81×	24.25×	15.7×	14.08×
P/B	1.23×	1.2×	1.18×	1.02×	0.97×	0.98×	1.14×	1.13×
P/S	3.94×	3.24×	3.31×	4.82×	5.11×	4.61×	4.74×	4.92×
EV / EBITDA	19.57×	16.99×	16.05×	22.62×	18.2×	24.65×	25.26×	22.77×
Gross margin	67.6%	60.6%	61.5%	82.0%	93.1%	87.5%	82.9%	84.2%
Operating margin	34.9%	31.3%	34.8%	39.3%	44.7%	26.1%	38.7%	42.0%
Net margin	27.2%	24.8%	27.8%	32.3%	37.0%	19.0%	30.1%	34.9%
Current ratio	0.14×	0.17×	0.17×	18.7×	18.02×	8.89×	1.59×	0.06×
Debt / equity	1.77×	1.77×	1.79×	1.79×	1.78×	1.72×	1.66×	1.63×
Interest coverage	1.08×	0.8×	0.9×	2.19×	6.52×	2.08×	2.27×	2.66×
Dividend yield	1.5%	1.4%	1.1%	1.0%	0.8%	0.2%	1.1%	1.0%
Payout ratio	21.9%	18.7%	13.4%	14.6%	11.3%	5.2%	18.1%	14.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.5%	9.2%	9.9%	6.8%	7.1%	4.0%	7.3%	8.1%
Return on invested capital	3.0%	3.2%	3.4%	3.9%	3.0%	2.1%	5.1%	2.9%
Return on assets	1.3%	1.3%	1.4%	0.9%	0.8%	0.5%	0.9%	1.0%
Free cash flow yield	1.9%	7.6%	10.0%	-52.0%	63.7%	52.8%	-8.9%	-2.3%
Earnings yield	6.9%	7.7%	8.4%	6.7%	7.2%	4.1%	6.4%	7.1%
Enterprise value	€10.7B	€9.4B	€8.6B	€7.7B	€4.7B	€6.1B	€7.9B	€6.9B
Net debt / EBITDA	9.71×	8.09×	7.59×	11.92×	5.75×	12.63×	14.45×	12.32×
Cash conversion cycle (days)	-108	-90	-94	-6,701	-39,562	-10,851	-1,970	-968