Polytec Holding AG (PYT.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

-105.3%

-€0.24

vs €4.50 price

Levered DCF

€44.75

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.44

Grey 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	7.17×	-6.9×	-5.84×	-46×	21.47×	17.47×	8.48×	6.57×
P/B	0.33×	0.21×	0.38×	0.43×	0.64×	0.68×	0.78×	0.83×
P/S	0.11×	0.06×	0.13×	0.17×	0.27×	0.32×	0.3×	0.3×
EV / EBITDA	2.86×	3.51×	7.61×	6.68×	6.14×	5.9×	5.07×	4.53×
Gross margin	11.1%	9.3%	44.5%	44.3%	47.6%	51.2%	52.9%	53.3%
Operating margin	1.7%	-0.3%	-1.1%	0.1%	2.2%	-1.1%	4.0%	6.3%
Net margin	1.5%	-1.0%	-2.2%	-0.4%	1.3%	1.8%	3.6%	4.6%
Current ratio	1.34×	1.29×	1.2×	1.42×	1.74×	2.09×	2.43×	1.81×
Debt / equity	0.54×	0.7×	0.79×	0.75×	0.83×	0.81×	0.87×	0.76×
Interest coverage	1.44×	-0.18×	-0.72×	0.15×	4.49×	-1.74×	6.7×	12.55×
Dividend yield	0.0%	0.0%	2.7%	2.4%	4.4%	0.2%	4.6%	5.2%
Payout ratio	0.0%	0.0%	-15.6%	-107.8%	94.8%	2.6%	39.4%	34.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.6%	-3.1%	-6.5%	-1.0%	3.0%	3.9%	9.2%	12.6%
Return on invested capital	2.7%	-0.5%	-1.4%	0.1%	1.9%	-1.2%	4.0%	7.2%
Return on assets	2.1%	-1.2%	-2.6%	-0.4%	1.2%	1.6%	3.7%	5.2%
Free cash flow yield	20.6%	97.9%	13.4%	9.5%	-8.8%	19.1%	-11.2%	-6.1%
Earnings yield	13.8%	-14.7%	-17.1%	-2.2%	4.7%	5.7%	11.8%	15.3%
Enterprise value	€123.4M	€124.6M	€204.9M	€221.6M	€277.1M	€273M	€346.3M	€292.5M
Net debt / EBITDA	1.18×	2.27×	4.55×	3.63×	2.79×	2.33×	2.28×	1.58×
Cash conversion cycle (days)	46	55	62	66	69	64	89	78