Scherzer & Co. AG (PZS.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

-55.7%

€1.17

vs €2.64 price

Levered DCF

-€0.41

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

4.89

Safe 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	13.44×	46×	-80.43×	-100×	8.1×	5.62×	-28.02×	-78.33×
P/B	0.89×	0.95×	0.9×	1.06×	1.23×	1.05×	1.2×	1.18×
P/S	10.38×	4.87×	7.96×	4.73×	5.51×	3.02×	23.03×	5.53×
EV / EBITDA	15.52×	25.65×	-178.16×	7.29×	8.63×	6×	-42.87×	10.97×
Gross margin	95.2%	94.5%	95.2%	98.3%	98.9%	70.9%	90.4%	99.9%
Operating margin	70.2%	19.0%	76.7%	-2.6%	75.6%	61.0%	41.7%	86.0%
Net margin	77.2%	10.6%	-9.9%	-4.7%	67.9%	53.8%	-82.2%	-7.1%
Current ratio	6.55×	12.35×	6.65×	4.76×	4.29×	9.19×	5.7×	4.36×
Debt / equity	0.15×	0.12×	0.13×	0.29×	0.23×	0.24×	0.43×	0.45×
Interest coverage	16.14×	6.72×	17.06×	-1.67×	74.83×	63.63×	4.67×	32.87×
Dividend yield	2.1%	0.0%	0.0%	1.9%	1.6%	0.0%	0.0%	4.3%
Payout ratio	27.8%	0.0%	0.0%	-189.1%	12.8%	0.0%	0.0%	-333.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.6%	2.1%	-1.1%	-1.1%	15.1%	18.8%	-4.3%	-1.5%
Return on invested capital	5.1%	1.9%	7.7%	-0.4%	13.3%	16.7%	1.5%	-15.0%
Return on assets	5.6%	1.8%	-0.9%	-0.8%	11.5%	14.6%	-2.9%	-1.0%
Free cash flow yield	0.0%	0.0%	0.0%	0.1%	0.1%	0.1%	0.1%	0.0%
Earnings yield	7.4%	2.2%	-1.2%	-1.0%	12.3%	17.8%	-3.6%	-1.3%
Enterprise value	€76.3M	€70.8M	€73.5M	€98.1M	€110.7M	€85.7M	€87.9M	€90.6M
Net debt / EBITDA	2.25×	1.75×	-17.36×	1.42×	1.25×	1.05×	-11.03×	2.87×
Cash conversion cycle (days)	-102	-8	-117	-36	-73	1	72,042	-595