SAF-Holland SE (SFQ.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

+19.2%

€25.09

vs €21.05 price

Levered DCF

€31.49

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.33

Grey zone

Rating

B+

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	13.66×	8.69×	8.56×	6.53×	15.19×	37.33×	37×	12.04×
P/B	1.41×	1.28×	1.45×	0.91×	1.51×	1.71×	1.1×	1.81×
P/S	0.4×	0.36×	0.32×	0.26×	0.45×	0.53×	0.26×	0.45×
EV / EBITDA	5.22×	4.61×	4.89×	6.21×	6.6×	9.62×	7.91×	7.59×
Gross margin	20.7%	22.3%	19.6%	16.6%	16.8%	17.6%	15.7%	15.3%
Operating margin	8.0%	8.6%	7.7%	6.4%	5.7%	3.1%	3.7%	5.9%
Net margin	2.9%	4.1%	3.8%	3.9%	2.9%	1.4%	0.7%	3.7%
Current ratio	2.45×	1.68×	2.26×	1.85×	2.37×	2.48×	1.37×	2.89×
Debt / equity	1.61×	1.48×	1.5×	1.75×	1×	1.26×	1.27×	1.16×
Interest coverage	3.52×	3.71×	3.98×	6.82×	8.68×	3.23×	5.56×	7.71×
Dividend yield	5.6%	5.8%	4.0%	4.0%	0.0%	0.0%	6.1%	3.5%
Payout ratio	75.7%	49.9%	34.1%	26.0%	0.0%	0.0%	227.5%	42.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.4%	14.8%	16.9%	13.9%	9.9%	4.6%	2.9%	15.0%
Return on invested capital	6.5%	7.4%	8.1%	5.4%	5.0%	2.9%	2.5%	7.0%
Return on assets	3.1%	4.5%	4.8%	4.1%	3.6%	1.5%	0.9%	4.9%
Free cash flow yield	14.1%	21.3%	20.6%	29.3%	2.7%	22.3%	11.2%	-0.0%
Earnings yield	7.3%	11.5%	11.7%	15.3%	6.6%	2.7%	2.7%	8.3%
Enterprise value	€1.2B	€1.1B	€1.1B	€926.4M	€763.2M	€712.4M	€593.1M	€799.5M
Net debt / EBITDA	2.18×	1.91×	1.98×	3.52×	1.77×	2.76×	3.43×	2.07×
Cash conversion cycle (days)	67	64	56	47	57	45	55	56