Stratec SE (SBS.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

+16.5%

€27.77

vs €23.85 price

Levered DCF

€10.95

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

2.11

Grey 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	-1,128.14×	22.58×	36.15×	33.65×	41.76×	50.74×	50.83×	66.93×
P/B	1.15×	1.49×	2.37×	4.37×	8.11×	8.58×	4.6×	3.94×
P/S	1.09×	1.41×	2.05×	3.58×	5.81×	5.92×	3.3×	3.19×
EV / EBITDA	14.05×	9.41×	15.33×	18.22×	25.66×	27.38×	22.2×	17.72×
Gross margin	25.6%	29.7%	25.2%	28.9%	30.5%	27.6%	23.5%	25.7%
Operating margin	3.4%	10.9%	10.4%	15.3%	17.3%	13.0%	8.2%	8.2%
Net margin	-0.1%	6.2%	5.7%	10.6%	13.9%	10.1%	6.5%	4.8%
Current ratio	3.97×	2.47×	2.57×	3.51×	4.12×	4.38×	3.62×	3.26×
Debt / equity	0.56×	0.54×	0.61×	0.39×	0.41×	0.64×	0.59×	0.46×
Interest coverage	2.13×	4.89×	7.21×	27.81×	35.25×	30.11×	20.01×	23.24×
Dividend yield	2.7%	1.8%	2.1%	1.2%	0.7%	0.7%	1.3%	1.6%
Payout ratio	-3013.6%	41.7%	76.7%	39.4%	27.3%	40.1%	67.9%	106.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-0.1%	6.6%	6.6%	13.0%	19.4%	14.6%	9.1%	5.9%
Return on invested capital	-0.1%	5.1%	4.6%	9.1%	12.8%	9.3%	5.9%	5.3%
Return on assets	-0.1%	3.6%	3.3%	7.4%	10.8%	7.6%	4.8%	3.3%
Free cash flow yield	-3.6%	8.4%	0.4%	-0.9%	2.6%	0.4%	-0.8%	-1.2%
Earnings yield	-0.1%	4.4%	2.8%	3.0%	2.4%	1.7%	2.0%	1.5%
Enterprise value	€382M	€445.6M	€661.5M	€1B	€1.7B	€1.6B	€802.1M	€645.1M
Net debt / EBITDA	4.01×	1.76×	2.5×	1.12×	0.57×	1.27×	1.95×	1.26×
Cash conversion cycle (days)	303	261	317	277	194	176	158	196