PNE AG (PNE3.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

-1731.9%

-€91.55

vs €5.61 price

Levered DCF

-€236.14

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.61

Distress zone

Rating

D+

Overall 1 / 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	-18.04×	-61.56×	-106.46×	106.75×	25.61×	400×	-402×	-176.64×
P/B	4.97×	4.18×	4.81×	6.86×	2.81×	2.94×	1.29×	0.8×
P/S	3.36×	3.92×	8.37×	12.92×	5.48×	5.57×	2.27×	2.02×
EV / EBITDA	22.83×	26.11×	34.91×	32.72×	27.88×	36.15×	14.64×	14.37×
Gross margin	31.5%	34.1%	90.2%	79.7%	69.3%	65.3%	53.5%	74.2%
Operating margin	9.6%	16.7%	4.7%	4.9%	7.9%	7.4%	12.1%	8.5%
Net margin	-18.7%	-6.4%	-7.9%	11.8%	21.3%	1.5%	-0.6%	-1.1%
Current ratio	1.38×	2.26×	2.78×	2.39×	3.33×	3.2×	2.35×	2.89×
Debt / equity	5.19×	4.52×	3.62×	2.4×	2.23×	1.75×	1.01×	0.7×
Interest coverage	0.66×	0.76×	0.23×	0.41×	0.94×	0.98×	1.48×	0.83×
Dividend yield	0.8%	0.7%	0.6%	0.4%	0.5%	0.5%	1.0%	1.7%
Payout ratio	-14.4%	-45.5%	-63.6%	41.0%	12.2%	188.3%	-388.9%	-293.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-27.7%	-6.8%	-4.5%	6.3%	11.0%	0.8%	-0.3%	-0.5%
Return on invested capital	2.2%	3.1%	0.5%	0.4%	1.2%	-0.5%	-0.2%	2.0%
Return on assets	-3.6%	-1.1%	-0.9%	1.6%	3.0%	0.2%	-0.1%	-0.2%
Free cash flow yield	-19.9%	-25.6%	-18.8%	-6.4%	-13.8%	-13.6%	-14.1%	-17.7%
Earnings yield	-5.6%	-1.6%	-0.9%	0.9%	3.9%	0.3%	-0.3%	-0.6%
Enterprise value	€1.5B	€1.6B	€1.7B	€2.1B	€1B	€862.5M	€430.5M	€226M
Net debt / EBITDA	11.09×	12.87×	13.94×	7.06×	10.03×	10.55×	4.41×	2.61×
Cash conversion cycle (days)	302	443	6,921	1,075	1,009	1,234	372	1,221