PSI Software SE (PSAN.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

-85.6%

€6.52

vs €45.20 price

Levered DCF

€3.16

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.89

Grey 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	-22.06×	-15.63×	1,216.35×	36.21×	45.84×	36.97×	22.86×	23.09×
P/B	10.41×	3.43×	3.53×	2.94×	6.33×	3.81×	3.45×	2.84×
P/S	2.45×	1.25×	1.46×	1.41×	2.92×	1.76×	1.45×	1.23×
EV / EBITDA	-36.39×	1,144.01×	18.21×	9.65×	17.8×	13.25×	10.76×	9.95×
Gross margin	8.0%	6.8%	25.9%	31.5%	32.2%	31.7%	24.5%	33.8%
Operating margin	-12.4%	-5.8%	2.1%	8.1%	7.8%	6.9%	7.6%	7.8%
Net margin	-11.1%	-8.0%	0.1%	6.8%	6.4%	4.7%	6.3%	5.3%
Current ratio	1.16×	1.42×	1.8×	1.79×	1.97×	1.87×	1.93×	1.94×
Debt / equity	1.2×	0.57×	0.36×	0.25×	0.24×	0.25×	0.25×	0.02×
Interest coverage	-8.65×	-4.27×	1.6×	18.04×	19.83×	8.27×	10.54×	11.12×
Dividend yield	0.0%	0.0%	1.6%	1.8%	0.6%	0.2%	1.2%	1.5%
Payout ratio	0.0%	0.0%	1912.0%	37.4%	29.7%	7.6%	27.5%	34.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-47.1%	-22.0%	0.3%	14.1%	13.8%	10.2%	15.1%	12.2%
Return on invested capital	-19.4%	-8.0%	-0.7%	8.6%	6.6%	5.8%	8.1%	7.8%
Return on assets	-11.4%	-7.7%	0.1%	6.1%	5.6%	4.0%	5.7%	5.1%
Free cash flow yield	1.4%	-8.4%	2.3%	-2.0%	4.6%	5.0%	2.0%	5.2%
Earnings yield	-4.5%	-6.4%	0.1%	4.8%	2.2%	2.7%	4.4%	4.3%
Enterprise value	€752.2M	€354.6M	€384.2M	€334.1M	€686.3M	€366.8M	€310.9M	€202.9M
Net debt / EBITDA	-2.57×	89.83×	-0.51×	-0.47×	-1.03×	-0.57×	-0.52×	-2.1×
Cash conversion cycle (days)	76	107	106	101	89	107	113	108