ProSiebenSat.1 Media SE (PSM.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

+1175.8%

€40.16

vs €3.15 price

Levered DCF

€94.21

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.07

Distress zone

Rating

C+

Overall 2 / 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	-6.67×	22.55×	-10.18×	377.83×	6.94×	11.66×	7.6×	13.94×
P/B	0.98×	0.86×	1.01×	1.25×	1.91×	2.33×	2.97×	4.5×
P/S	0.31×	0.29×	0.33×	0.45×	0.71×	0.77×	0.76×	0.86×
EV / EBITDA	4.55×	2.79×	20.05×	5.56×	5.55×	6.87×	6.25×	9.06×
Gross margin	28.0%	37.9%	27.0%	37.1%	38.9%	39.0%	42.5%	35.9%
Operating margin	5.8%	1.0%	-2.3%	5.7%	12.3%	13.7%	14.0%	8.7%
Net margin	-4.6%	1.3%	-3.2%	0.1%	10.1%	6.6%	10.0%	6.2%
Current ratio	0.72×	0.9×	0.96×	0.99×	1.01×	1.07×	1.33×	1.4×
Debt / equity	1.87×	1.71×	1.95×	1.61×	1.61×	2.56×	3.18×	4.37×
Interest coverage	2.3×	0.39×	-0.97×	4.82×	9.53×	7.09×	9.03×	5.19×
Dividend yield	1.1%	1.0%	0.9%	9.6%	3.5%	0.0%	8.6%	12.8%
Payout ratio	-7.1%	21.6%	-8.9%	3620.0%	24.3%	0.0%	65.1%	178.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-14.7%	3.9%	-9.8%	0.3%	27.5%	20.0%	39.0%	32.4%
Return on invested capital	3.9%	1.0%	-1.6%	-2.7%	8.0%	6.6%	7.9%	4.9%
Return on assets	-3.3%	0.9%	-2.0%	0.1%	6.9%	3.8%	6.2%	3.8%
Free cash flow yield	80.1%	88.1%	80.5%	12.8%	8.2%	6.9%	10.1%	6.6%
Earnings yield	-15.0%	4.5%	-9.8%	0.3%	14.4%	8.6%	13.1%	7.2%
Enterprise value	€2.7B	€2.8B	€3.1B	€3.8B	€5.2B	€5.3B	€5.6B	€5.8B
Net debt / EBITDA	2.68×	1.65×	11.97×	2.8×	2.19×	2.84×	2.71×	3.64×
Cash conversion cycle (days)	-19	-84	-64	-75	-62	-29	-42	-20