R. Stahl AG (RSL2.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

+492.9%

€59.88

vs €10.10 price

Levered DCF

€11.83

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.28

Grey 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	31.96×	18.11×	686.47×	56×	-22.5×	-40.37×	150.48×	-20.55×
P/B	1.27×	1.46×	1.98×	1.52×	2.22×	2.93×	3.51×	2.34×
P/S	0.31×	0.31×	0.41×	0.4×	0.45×	0.57×	0.73×	0.52×
EV / EBITDA	4.51×	4.39×	7.15×	6.48×	8.29×	9.19×	8.85×	14.24×
Gross margin	19.6%	66.3%	66.3%	66.0%	67.0%	66.3%	64.1%	63.4%
Operating margin	4.2%	4.7%	5.9%	0.9%	-0.6%	0.1%	2.0%	0.7%
Net margin	0.9%	1.7%	0.1%	0.7%	-2.0%	-1.4%	0.5%	-2.5%
Current ratio	2.44×	1.29×	1.2×	1.14×	1.2×	1.47×	1.64×	1.84×
Debt / equity	0.81×	0.85×	0.99×	0.91×	0.96×	1.1×	0.88×	0.32×
Interest coverage	1.96×	2.04×	2.79×	0.7×	-0.52×	0.08×	1.16×	0.4×
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	3.9%	8.1%	0.3%	2.7%	-9.9%	-7.3%	2.3%	-11.4%
Return on invested capital	5.8%	5.3%	0.8%	0.6%	-0.8%	0.1%	1.0%	1.2%
Return on assets	1.1%	2.2%	0.1%	0.7%	-2.0%	-1.4%	0.5%	-3.1%
Free cash flow yield	6.6%	14.1%	0.2%	-7.5%	-3.0%	3.7%	4.1%	5.4%
Earnings yield	3.1%	5.5%	0.1%	1.8%	-4.5%	-2.5%	0.7%	-4.9%
Enterprise value	€144.2M	€150M	€189.4M	€157.1M	€151.6M	€173.5M	€239.5M	€151M
Net debt / EBITDA	1.51×	1.32×	2.09×	2.02×	2.27×	1.75×	1.33×	0.52×
Cash conversion cycle (days)	109	162	214	178	155	158	136	144