Quirin Privatbank AG (QB7.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

+225.5%

€9.63

vs €2.96 price

Levered DCF

-€20.01

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

0.28

Distress zone

Rating

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	13.12×	12.07×	16.09×	36.67×	16.07×	16.4×	11.92×	16.82×
P/B	1.61×	1.86×	2.02×	2.03×	2.85×	1.16×	1.18×	1.25×
P/S	1.52×	1.22×	1.57×	2.37×	2.65×	1.48×	1.08×	1.11×
EV / EBITDA	13.65×	37.49×	13.64×	20.1×	-3.2×	-51.17×	-17.92×	5.9×
Gross margin	88.8%	74.1%	71.6%	98.3%	100.4%	119.9%	97.9%	83.9%
Operating margin	19.6%	13.8%	11.8%	15.9%	18.9%	9.9%	12.5%	7.8%
Net margin	11.8%	10.3%	9.7%	13.3%	16.4%	9.0%	9.4%	6.6%
Current ratio	0.03×	0.16×	0.23×	17.34×	1,152.67×	883.36×	1,256.72×	1.27×
Debt / equity	1.72×	0.99×	0.57×	1.17×	1.19×	0.69×	1.2×	2.41×
Interest coverage	1.75×	0.6×	0.6×	9.34×	7.8×	2.19×	-76.16×	-70.23×
Dividend yield	4.9%	3.0%	2.5%	4.2%	2.4%	0.0%	1.9%	2.0%
Payout ratio	62.9%	36.2%	41.2%	75.8%	39.5%	0.0%	22.2%	33.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.5%	15.6%	12.5%	11.4%	17.7%	7.1%	10.3%	7.5%
Return on invested capital	3.7%	1.0%	0.7%	4.8%	2.4%	0.8%	1.1%	0.8%
Return on assets	0.8%	1.0%	0.7%	1.6%	2.2%	0.7%	1.0%	0.8%
Free cash flow yield	0.0%	-1.7%	-6.6%	-237.6%	0.6%	0.0%	332.1%	0.0%
Earnings yield	7.8%	8.4%	6.2%	5.6%	6.2%	6.1%	8.7%	5.9%
Enterprise value	€262.3M	€228.9M	€191.2M	€216.3M	-€46.6M	-€271.5M	-€265.1M	€31.9M
Net debt / EBITDA	6.24×	11.75×	2.68×	6.79×	-16.63×	-64.59×	-22.47×	-6.21×
Cash conversion cycle (days)	-54	-386	17	-4,774	424,581	951	-111,725	891