SM Wirtschaftsberatungs AG (SMWN.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

-150.2%

-€2.27

vs €4.52 price

Levered DCF

-€0.79

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.33

Distress zone

Rating

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	-69.53×	9.71×	-48.19×	155.83×	18.5×	17.64×	15×	11.54×
P/B	1.55×	1.21×	1.77×	1.53×	1.5×	1.52×	1.48×	1.82×
P/S	33.23×	59.22×	77.34×	71×	28.54×	4.75×	3.81×	18.76×
EV / EBITDA	-341.79×	8.68×	61.02×	-44.08×	-54.77×	35.73×	13.48×	-83.2×
Gross margin	63.8%	68.6%	78.8%	82.3%	52.5%	36.3%	22.9%	44.8%
Operating margin	-64.2%	-175.4%	-149.1%	-194.6%	-62.1%	11.6%	-2.2%	-83.0%
Net margin	-47.8%	613.0%	-163.9%	45.6%	151.4%	26.8%	25.2%	163.6%
Current ratio	0.49×	2.14×	4.64×	2.42×	4.84×	4.08×	0.89×	16.08×
Debt / equity	0.4×	0.08×	0.09×	0.13×	0.1×	0.11×	0.7×	0.98×
Interest coverage	-2.34×	-7.1×	-5.54×	-3.82×	-2.61×	1.88×	-0.23×	-1.77×
Dividend yield	4.6%	5.4%	4.0%	4.1%	4.0%	4.0%	3.3%	3.2%
Payout ratio	-323.0%	52.5%	-187.4%	637.6%	75.4%	70.8%	49.2%	36.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-2.2%	12.5%	-3.8%	1.0%	8.0%	8.6%	9.8%	15.8%
Return on invested capital	-1.9%	-3.2%	-3.0%	-2.9%	-2.8%	3.1%	-0.4%	-3.8%
Return on assets	-1.4%	11.0%	-3.3%	0.8%	6.9%	7.3%	5.4%	7.8%
Free cash flow yield	0.0%	0.0%	0.0%	0.5%	0.5%	0.5%	0.5%	0.0%
Earnings yield	-1.4%	10.4%	-2.1%	0.6%	5.3%	5.6%	6.6%	8.7%
Enterprise value	€32M	€19.4M	€29.9M	€29M	€31M	€33.3M	€40.4M	€43.8M
Net debt / EBITDA	-65.81×	-0.13×	2.29×	-3.04×	-2.66×	1.86×	4.31×	-29.07×
Cash conversion cycle (days)	209	4,100	2,029	2,116	776	73	511	4,346