Raiffeisen Bank International AG (RBI.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

+37.8%

€78.13

vs €56.70 price

Levered DCF

€289.38

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

-0.35

Distress 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	10.03×	6.19×	2.68×	1.43×	6.65×	7.51×	6.32×	5.75×
P/B	0.65×	0.34×	0.33×	0.29×	0.59×	0.41×	0.57×	0.62×
P/S	1.26×	0.48×	0.44×	0.43×	1.23×	0.87×	1.03×	1.08×
EV / EBITDA	14.58×	-5.83×	-6.69×	-8.85×	-13.52×	-15.09×	-5.07×	-5.17×
Gross margin	92.1%	65.4%	64.2%	81.3%	81.6%	80.2%	77.0%	78.9%
Operating margin	26.5%	22.0%	24.8%	35.6%	26.0%	18.7%	24.8%	25.9%
Net margin	13.8%	8.5%	17.4%	30.7%	19.9%	12.7%	17.2%	18.8%
Current ratio	1.32×	0.34×	0.35×	0.39×	0.34×	0.31×	0.24×	0.24×
Debt / equity	2.36×	1.16×	1.01×	0.87×	0.86×	0.86×	0.79×	0.81×
Interest coverage	0.67×	0.63×	0.69×	1.91×	1.41×	0.95×	1.08×	1.23×
Dividend yield	4.8%	9.3%	7.0%	2.4%	6.3%	2.2%	5.8%	4.7%
Payout ratio	44.4%	52.3%	18.0%	3.3%	39.1%	15.0%	34.9%	27.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.0%	6.1%	12.8%	20.6%	9.5%	6.0%	9.5%	10.8%
Return on invested capital	0.8%	3.5%	4.8%	7.1%	3.6%	2.7%	4.6%	5.2%
Return on assets	0.7%	0.6%	1.2%	1.8%	0.7%	0.5%	0.8%	0.9%
Free cash flow yield	20.4%	-17.6%	-41.9%	405.6%	86.3%	259.0%	53.6%	99.4%
Earnings yield	10.9%	17.9%	39.0%	71.8%	16.1%	14.7%	16.7%	17.4%
Enterprise value	€45B	-€20.1B	-€26.2B	-€42.1B	-€29.6B	-€24.6B	-€11.2B	-€10.7B
Net debt / EBITDA	10.51×	-7.71×	-8.25×	-9.91×	-17.41×	-18.47×	-8.4×	-8.7×
Cash conversion cycle (days)	0	0	0	0	0	0	0	0