Ströer SE & Co. KGaA (SAX.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

+263.7%

€139.59

vs €38.38 price

Levered DCF

€113.37

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.14

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	16.44×	19.68×	31.71×	17.22×	32.08×	94.19×	33.99×	-164.64×
P/B	4.34×	5.52×	6.76×	5.31×	8.28×	9.74×	6.59×	3.47×
P/S	1×	1.25×	1.54×	1.39×	2.41×	3.18×	2.56×	1.45×
EV / EBITDA	6.38×	6.72×	8.13×	7.38×	11.14×	14.33×	11.08×	7.64×
Gross margin	42.0%	43.8%	41.6%	42.7%	39.5%	35.0%	36.4%	34.7%
Operating margin	11.9%	14.3%	11.8%	13.9%	12.4%	6.4%	11.2%	10.4%
Net margin	6.1%	6.4%	4.8%	8.1%	7.5%	3.4%	7.5%	-0.9%
Current ratio	0.6×	0.5×	0.47×	0.57×	0.39×	0.42×	0.49×	0.5×
Debt / equity	3.55×	3.67×	3.76×	3.5×	3.32×	3.3×	2.59×	2.54×
Interest coverage	3.43×	3.92×	3.39×	7.73×	6.94×	2.67×	5.26×	4.68×
Dividend yield	6.9%	4.7%	3.8%	5.6%	3.2%	2.7%	3.2%	3.6%
Payout ratio	112.6%	93.1%	120.2%	95.7%	103.1%	255.3%	107.5%	-588.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	26.4%	28.1%	21.3%	30.9%	25.7%	10.3%	19.4%	-2.1%
Return on invested capital	6.8%	8.8%	6.2%	8.0%	7.1%	3.4%	6.2%	5.6%
Return on assets	4.1%	4.5%	3.4%	5.2%	4.5%	1.9%	4.1%	-0.5%
Free cash flow yield	15.3%	14.0%	9.2%	10.0%	8.1%	6.2%	8.9%	13.4%
Earnings yield	6.1%	5.1%	3.1%	5.8%	3.1%	1.1%	2.9%	-0.6%
Enterprise value	€3.7B	€4.2B	€4.5B	€4B	€5.4B	€6.1B	€5.6B	€3.9B
Net debt / EBITDA	2.8×	2.61×	2.82×	2.85×	3.1×	3.48×	2.98×	3.12×
Cash conversion cycle (days)	-16	-22	-12	10	-30	-44	-58	-46