Serviceware SE (SJJ.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

-141.2%

-€5.81

vs €14.10 price

Levered DCF

€9.89

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

B-

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	95.29×	-1,439.56×	-26.05×	-19.51×	-86×	-93×	-118×	-119.8×
P/B	3.56×	2.97×	2.25×	1.52×	3.35×	2.63×	2.15×	2.08×
P/S	1.47×	1.33×	1.14×	0.91×	2.22×	2.02×	1.86×	2.25×
EV / EBITDA	49.45×	30.38×	142.41×	-36.47×	70.51×	66.44×	-77.72×	22.95×
Gross margin	7.6%	16.5%	2.3%	2.9%	5.1%	5.6%	11.1%	18.6%
Operating margin	-0.3%	0.0%	-5.0%	-7.6%	-2.6%	-3.4%	-3.5%	4.9%
Net margin	1.6%	-0.1%	-4.3%	-4.7%	-2.6%	-2.2%	-1.6%	-1.9%
Current ratio	1.25×	1.27×	1.42×	1.54×	1.75×	1.99×	2.18×	2.73×
Debt / equity	0.89×	0.1×	0.13×	0.17×	0.18×	0.15×	0.15×	0.06×
Interest coverage	-2.3×	0.06×	-15.03×	-61.95×	-11.6×	-10.77×	-12.93×	10.48×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1.6%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-186.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.8%	-0.2%	-8.6%	-7.9%	-3.9%	-2.8%	-1.9%	-1.7%
Return on invested capital	-0.4%	0.0%	-6.1%	-6.1%	-2.8%	-2.8%	-1.9%	-2.2%
Return on assets	1.1%	-0.1%	-3.2%	-3.6%	-1.9%	-1.5%	-1.1%	-1.1%
Free cash flow yield	2.2%	6.0%	1.0%	-0.1%	2.9%	-1.1%	-6.2%	-2.4%
Earnings yield	1.1%	-0.1%	-3.8%	-5.2%	-1.2%	-1.1%	-0.9%	-0.8%
Enterprise value	€186.1M	€115.5M	€84.9M	€55.2M	€155.8M	€121.1M	€91.4M	€73.9M
Net debt / EBITDA	4.26×	-5.8×	-32.04×	13.63×	-11.2×	-13.9×	27.69×	-15.54×
Cash conversion cycle (days)	205	68	164	112	125	129	124	70