PWO AG (PWO.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

+425.0%

€111.30

vs €21.20 price

Levered DCF

€312.62

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.97

Grey zone

Rating

B+

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	11.41×	7.23×	5.74×	6.41×	6.74×	-5.2×	8.38×	11.74×
P/B	0.55×	0.56×	0.59×	0.64×	0.79×	0.58×	0.64×	0.69×
P/S	0.17×	0.16×	0.17×	0.18×	0.25×	0.16×	0.17×	0.16×
EV / EBITDA	4.45×	3.26×	3.8×	4.26×	4.37×	8.08×	4.69×	4.9×
Gross margin	9.1%	41.4%	10.2%	39.9%	46.2%	48.7%	46.4%	43.9%
Operating margin	3.0%	5.3%	5.1%	5.2%	5.8%	-2.5%	4.4%	4.0%
Net margin	1.5%	2.3%	2.9%	2.9%	3.6%	-3.1%	2.0%	1.4%
Current ratio	1.53×	1.24×	1.41×	1.16×	1.32×	1.16×	1.24×	1.15×
Debt / equity	0.65×	0.61×	0.73×	0.78×	0.88×	1.04×	1.13×	1.24×
Interest coverage	2.09×	2.81×	3.12×	4.34×	3.56×	-1.42×	2.84×	2.95×
Dividend yield	6.0%	6.0%	5.5%	4.8%	0.0%	0.0%	5.6%	6.6%
Payout ratio	68.3%	43.6%	31.8%	30.8%	0.0%	0.0%	46.4%	77.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.8%	7.7%	10.4%	10.1%	11.8%	-11.2%	7.7%	5.9%
Return on invested capital	2.3%	5.5%	6.7%	6.2%	7.2%	-2.4%	4.4%	3.6%
Return on assets	1.8%	2.9%	3.7%	3.8%	3.9%	-3.2%	2.3%	1.6%
Free cash flow yield	12.1%	43.6%	6.8%	-3.0%	10.9%	58.5%	26.2%	14.4%
Earnings yield	8.8%	13.8%	17.4%	15.6%	14.8%	-19.2%	12.0%	8.5%
Enterprise value	€181M	€177.8M	€200.4M	€212.9M	€203M	€163.1M	€208.4M	€209.5M
Net debt / EBITDA	2.21×	1.6×	2.03×	2.31×	2.23×	5.08×	2.98×	3.07×
Cash conversion cycle (days)	69	50	81	80	81	85	77	153