PORR AG (POS.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

-5.6%

€29.75

vs €31.50 price

Levered DCF

€67.52

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.65

Distress 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	10.72×	7.65×	5.85×	7.13×	7.81×	-8.82×	31×	7.69×
P/B	1.62×	0.79×	0.84×	0.6×	0.53×	0.59×	0.76×	0.88×
P/S	0.2×	0.11×	0.08×	0.08×	0.08×	0.08×	0.09×	0.1×
EV / EBITDA	6.84×	1.73×	0.87×	1.24×	1.33×	3.84×	3.32×	2.77×
Gross margin	4.7%	34.0%	31.5%	31.3%	33.4%	33.1%	32.7%	30.3%
Operating margin	-0.3%	2.0%	7.4%	1.8%	1.9%	-0.6%	0.7%	1.9%
Net margin	2.1%	1.7%	1.4%	1.4%	1.0%	-0.9%	0.5%	1.3%
Current ratio	0.93×	0.94×	1×	1.01×	1.08×	1.09×	1.1×	1.05×
Debt / equity	1.07×	0.68×	0.67×	0.78×	0.94×	1.19×	1.57×	0.82×
Interest coverage	-0.34×	1.95×	7.23×	2.14×	2.1×	-0.54×	0.73×	2.33×
Dividend yield	4.0%	6.1%	7.5%	7.9%	4.5%	3.3%	9.6%	8.5%
Payout ratio	38.6%	39.2%	43.8%	46.1%	35.1%	-28.7%	168.3%	65.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.9%	12.2%	14.5%	10.3%	6.8%	-6.7%	4.4%	11.4%
Return on invested capital	-0.7%	5.6%	17.2%	4.8%	4.0%	-1.4%	1.5%	5.3%
Return on assets	2.7%	2.5%	2.1%	1.9%	1.3%	-1.2%	0.7%	2.1%
Free cash flow yield	16.6%	19.6%	8.3%	24.9%	54.0%	9.0%	19.8%	12.7%
Earnings yield	10.5%	15.5%	17.1%	17.1%	12.8%	-11.4%	5.7%	13.0%
Enterprise value	€1.3B	€684M	€258.9M	€400.1M	€392.8M	€546M	€788.5M	€651.8M
Net debt / EBITDA	0.37×	0×	-0.79×	-0.18×	-0.09×	1.22×	1.44×	0.63×
Cash conversion cycle (days)	30	-1	6	3	-8	-1	-7	-1