Optima bank S.A. (OPTIMA.AT) 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

+17.1%

€15.65

vs €13.36 price

Levered DCF

-€6.16

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.5

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	10.01×	6.84×	4.02×	4.14×	17.14×	-36.09×	-32.31×	-34.25×
P/B	2.32×	1.54×	0.8×	0.7×	1.13×	1.2×	1.86×	1.76×
P/S	10.81×	4.07×	2.24×	1.83×	3.72×	9.77×	15.12×	12.18×
EV / EBITDA	6.96×	35.17×	4.53×	-2.4×	1.9×	0×	110.93×	435.69×
Gross margin	41.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Operating margin	130.0%	82.5%	79.4%	56.6%	21.3%	-32.9%	-16.0%	18.7%
Net margin	107.7%	59.9%	56.3%	44.0%	21.1%	-27.1%	-46.8%	-35.6%
Current ratio	2.4×	0×	5.67×	0×	52.71×	6.37×	0×	0×
Debt / equity	0.61×	0.22×	0.2×	0.1×	0.13×	0.13×	0×	0×
Interest coverage	2.94×	0×	0×	12.81×	3.79×	-2.22×	0×	0×
Dividend yield	2.5%	3.4%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	24.7%	23.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	23.1%	22.6%	20.2%	16.8%	6.4%	-3.3%	-5.8%	-5.1%
Return on invested capital	2.2%	2.7%	3.1%	5.4%	1.8%	-0.9%	-0.5%	1.0%
Return on assets	2.2%	2.5%	2.7%	1.6%	0.6%	-0.5%	-1.4%	-1.9%
Free cash flow yield	11.2%	-96.8%	-192.7%	49.7%	-15.4%	257.0%	-60.3%	4.3%
Earnings yield	10.0%	14.7%	25.1%	24.0%	5.7%	-2.8%	-3.1%	-2.9%
Enterprise value	€1.5B	€292.9M	€33.2M	-€129.5M	€28.9M	-€13.8M	€48.8M	€123.3M
Net debt / EBITDA	-1.09×	-79.34×	-51.61×	-5.67×	-9.75×	0×	-196.91×	-42.92×
Cash conversion cycle (days)	0	0	0	1,238	-418	381	0	0