Quality & Reliability A.B.E.E. (QUAL.AT) 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

+614.3%

€8.47

vs €1.19 price

Levered DCF

-€3.22

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.77

Distress zone

Rating

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	57.94×	103.33×	26.32×	2,550×	-19.05×	-11.39×	-7.4×	-10.26×
P/B	5.72×	10.29×	5.63×	6.01×	5.25×	2.62×	1.48×	1.33×
P/S	1.61×	2.24×	1.61×	2.16×	4.08×	2.61×	2.26×	2.1×
EV / EBITDA	11.82×	16.4×	13.32×	20.1×	68.75×	264.16×	90.8×	35.75×
Gross margin	27.3%	31.9%	35.3%	30.9%	27.3%	27.6%	26.7%	35.2%
Operating margin	9.7%	10.5%	10.9%	6.5%	-8.5%	-13.2%	-13.3%	-8.0%
Net margin	2.8%	2.2%	6.1%	0.1%	-21.4%	-22.8%	-30.5%	-20.5%
Current ratio	0.65×	1.24×	1.01×	1.3×	1.71×	2.06×	2.01×	2.11×
Debt / equity	1.66×	1.93×	2.31×	1.75×	1.45×	1.16×	0.72×	0.55×
Interest coverage	4.41×	3.17×	2.99×	2.12×	-1.32×	-2.21×	-1.64×	-1.56×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.9%	10.0%	21.4%	0.2%	-27.6%	-22.9%	-19.9%	-13.0%
Return on invested capital	6.5%	6.8%	15.1%	0.5%	-4.4%	-6.1%	-5.0%	-3.2%
Return on assets	1.9%	1.7%	4.0%	0.1%	-8.5%	-8.9%	-9.3%	-6.8%
Free cash flow yield	-6.9%	6.7%	-4.8%	-5.0%	-2.3%	-4.7%	-11.2%	0.5%
Earnings yield	1.7%	1.0%	3.8%	0.0%	-5.2%	-8.7%	-13.5%	-9.7%
Enterprise value	€37.3M	€35.9M	€21.1M	€17.2M	€14.6M	€9.9M	€7.1M	€6.7M
Net debt / EBITDA	1.06×	0.89×	2.81×	3.78×	12.01×	61.63×	25.28×	6.42×
Cash conversion cycle (days)	-49	210	136	113	224	300	330	306