Smartbroker Holding AG (SB1.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

-189.5%

-€7.16

vs €8.00 price

Levered DCF

-€5.82

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

7.33

Safe zone

Rating

C-

Overall 1 / 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	-22.94×	-110.79×	-25.32×	-9.2×	-584.91×	61.52×	50×	12.46×
P/B	6.25×	3.12×	3.5×	1.87×	6.67×	6.74×	3.44×	2.06×
P/S	3.55×	2.67×	3.24×	1.75×	6.71×	14.81×	10.73×	4.85×
EV / EBITDA	-375.91×	14.85×	95.6×	9.07×	91.2×	134.69×	29.47×	8.8×
Gross margin	-3.3%	63.6%	63.7%	64.6%	48.8%	-0.4%	84.3%	87.2%
Operating margin	-15.9%	-3.0%	-11.1%	-15.9%	0.7%	14.8%	28.8%	41.4%
Net margin	-15.5%	-2.4%	-12.8%	-19.1%	-1.1%	26.2%	21.8%	39.3%
Current ratio	3.3×	4.09×	2.18×	4.02×	2.27×	1.11×	2.62×	12.96×
Debt / equity	0.08×	0.13×	0.24×	0.3×	0.12×	0.25×	0.07×	0×
Interest coverage	-123.57×	-9.56×	-21.03×	-22.25×	2.13×	12.05×	50.1×	20,413.72×
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	-27.2%	-2.8%	-13.9%	-20.4%	-1.1%	11.9%	7.0%	16.7%
Return on invested capital	-23.0%	-2.4%	-8.8%	-12.2%	-7.4%	4.0%	4.5%	15.1%
Return on assets	-20.0%	-2.2%	-9.4%	-13.6%	-0.7%	7.2%	5.3%	15.5%
Free cash flow yield	0.6%	4.0%	-7.6%	-16.8%	0.4%	0.3%	0.0%	0.4%
Earnings yield	-4.4%	-0.9%	-4.0%	-10.9%	-0.2%	1.8%	2.0%	8.1%
Enterprise value	€225.5M	€137.6M	€149M	€79.9M	€307.9M	€196.9M	€91M	€30.6M
Net debt / EBITDA	28.24×	-1.71×	-1.17×	-1.42×	-5.87×	-4.49×	-0.8×	-2.67×
Cash conversion cycle (days)	14	-7	-5	-11	-75	83	600	-14