RCM Beteiligungs AG (RCMN.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

-384.0%

-€2.87

vs €1.01 price

Levered DCF

-€6.22

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.93

Distress zone

Rating

C+

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	-21.15×	8.79×	-9.12×	-8.76×	13.38×	11.56×	10.7×	11.47×
P/B	1.86×	1.64×	2.31×	2.1×	1.8×	1.71×	2.2×	2.25×
P/S	6.35×	2.65×	8.35×	2.67×	7.88×	1.44×	1.33×	1.67×
EV / EBITDA	120.34×	8.51×	-556.98×	-22.8×	-73.52×	7.82×	9.5×	12.03×
Gross margin	92.4%	54.5%	33.0%	42.7%	62.1%	51.3%	39.9%	35.9%
Operating margin	-25.2%	10.5%	-36.4%	10.1%	89.8%	36.1%	18.4%	17.4%
Net margin	-26.9%	31.0%	-92.5%	-30.9%	58.8%	13.2%	17.1%	14.5%
Current ratio	3.82×	9.5×	1.35×	0.87×	23.21×	3.21×	1.43×	3.63×
Debt / equity	2.18×	1.49×	1.84×	1.43×	1.27×	1.37×	1.66×	1.97×
Interest coverage	-1.03×	0.82×	-1.19×	1.43×	11.6×	20.85×	10.46×	2.39×
Dividend yield	0.0%	1.7%	1.6%	6.6%	10.1%	2.9%	2.8%	2.8%
Payout ratio	0.0%	14.8%	-14.0%	-57.1%	135.4%	31.4%	21.8%	31.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-7.9%	19.2%	-25.6%	-24.3%	13.4%	15.7%	28.3%	19.6%
Return on invested capital	-1.7%	1.7%	-2.3%	2.3%	4.7%	9.9%	6.8%	5.5%
Return on assets	-1.8%	5.2%	-6.2%	-7.0%	4.4%	4.8%	7.6%	5.0%
Free cash flow yield	-38.3%	15.2%	-8.4%	-0.8%	-7.4%	44.9%	30.4%	38.8%
Earnings yield	-4.2%	11.7%	-11.1%	-11.6%	7.5%	9.2%	12.9%	8.7%
Enterprise value	€30.8M	€26.4M	€33.1M	€37.1M	€43.7M	€37.7M	€48.7M	€54.2M
Net debt / EBITDA	58.37×	3.4×	-220.06×	-8.11×	-26.4×	2.81×	4.03×	5.53×
Cash conversion cycle (days)	15,191	1,530	5,539	498	2,430	378	453	870