K+S AG (SDF.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

+361.4%

€60.35

vs €13.08 price

Levered DCF

€32.49

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.8

Distress zone

Rating

S-

Overall 5 / 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	-2.07×	-28.27×	12.78×	2.33×	1.34×	-0.79×	24.15×	73.77×
P/B	0.46×	0.3×	0.41×	0.52×	0.55×	0.67×	0.47×	0.75×
P/S	0.61×	0.51×	0.69×	0.62×	0.9×	0.61×	0.52×	0.77×
EV / EBITDA	-2.62×	4.46×	3.84×	1.59×	1.38×	14.01×	10.1×	11.91×
Gross margin	-31.1%	8.4%	14.6%	43.3%	77.2%	-71.0%	17.1%	31.2%
Operating margin	-39.4%	0.2%	8.4%	40.3%	119.9%	-80.2%	6.6%	5.6%
Net margin	-29.5%	-1.8%	5.4%	26.6%	67.6%	-77.7%	2.2%	1.0%
Current ratio	3.43×	3.02×	2.14×	2.4×	1.92×	1.43×	1.55×	1.56×
Debt / equity	0.16×	0.12×	0.09×	0.14×	0.27×	1.64×	0.76×	0.79×
Interest coverage	-161.44×	1.04×	5.94×	77.09×	44.17×	-19.51×	3.77×	1.88×
Dividend yield	1.2%	6.7%	7.1%	1.1%	0.0%	0.5%	2.3%	2.2%
Payout ratio	-2.5%	-188.9%	91.1%	2.5%	0.0%	-0.4%	53.9%	159.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-22.0%	-1.1%	3.2%	22.4%	41.0%	-85.1%	2.0%	1.0%
Return on invested capital	-15.7%	0.1%	2.5%	17.8%	43.0%	-26.0%	1.9%	2.0%
Return on assets	-13.5%	-0.7%	2.1%	15.3%	24.9%	-22.5%	0.8%	0.4%
Free cash flow yield	1.3%	3.7%	12.6%	26.1%	-1.1%	-7.2%	6.3%	-6.6%
Earnings yield	-48.4%	-3.6%	7.8%	42.9%	74.7%	-126.8%	4.2%	1.4%
Enterprise value	€2.6B	€2.3B	€3.1B	€4.1B	€4B	€5B	€5.2B	€6.2B
Net debt / EBITDA	-0.34×	0.83×	0.52×	0.24×	0.37×	9.81×	5.97×	5.96×
Cash conversion cycle (days)	110	109	113	118	190	70	134	135