SBO AG (SBO.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

+14.5%

€32.86

vs €28.70 price

Levered DCF

€80.26

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.07

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	18.17×	10.35×	9.71×	12.18×	23.27×	-22.54×	24.78×	22.14×
P/B	1.02×	0.95×	1.55×	2.15×	1.43×	1.71×	2.17×	2.49×
P/S	0.94×	0.84×	1.19×	1.83×	1.66×	1.69×	1.8×	2.18×
EV / EBITDA	7.71×	4.98×	6.05×	6.81×	7.98×	34.89×	7.17×	8.39×
Gross margin	28.7%	30.4%	34.6%	33.7%	25.9%	22.7%	29.8%	34.6%
Operating margin	7.8%	12.7%	17.5%	17.6%	5.4%	-5.9%	12.0%	16.8%
Net margin	5.2%	8.1%	12.2%	15.0%	7.2%	-7.5%	7.3%	9.9%
Current ratio	3.19×	3.7×	2.71×	2.04×	2.28×	2.19×	1.95×	2.07×
Debt / equity	0.89×	0.77×	0.59×	0.62×	0.85×	1.09×	0.79×	0.83×
Interest coverage	2.49×	5.84×	11.97×	15.48×	2.93×	-3.56×	2.73×	3.77×
Dividend yield	6.4%	6.7%	4.5%	1.3%	0.0%	3.8%	2.0%	0.9%
Payout ratio	116.9%	69.6%	44.0%	15.7%	0.0%	-86.9%	49.4%	19.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.6%	9.2%	16.0%	17.7%	6.2%	-7.6%	8.7%	11.2%
Return on invested capital	3.1%	5.6%	10.7%	10.1%	2.2%	-1.9%	5.3%	7.5%
Return on assets	2.6%	4.5%	8.6%	8.3%	2.6%	-2.8%	3.7%	4.6%
Free cash flow yield	5.2%	13.7%	7.1%	2.3%	0.7%	15.9%	8.3%	-0.3%
Earnings yield	5.5%	9.6%	10.3%	8.2%	4.3%	-4.4%	4.0%	4.5%
Enterprise value	€523.4M	€536.6M	€796.6M	€890.3M	€483.6M	€488.5M	€831.1M	€977.7M
Net debt / EBITDA	1.4×	0.62×	0.77×	-0.19×	-0.05×	-0.15×	0.25×	0.54×
Cash conversion cycle (days)	226	233	241	248	282	229	229	276