Steico Se (ST5.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

-46.0%

€8.89

vs €16.46 price

Levered DCF

-€4.00

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.34

Grey zone

Rating

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	16.61×	13.07×	28.04×	12.69×	32.87×	36.44×	16.91×	16.7×
P/B	0.82×	0.74×	1.51×	2.23×	6.75×	4.35×	2.03×	1.61×
P/S	0.73×	0.65×	1.3×	1.37×	4.08×	2.71×	1.37×	1.07×
EV / EBITDA	5.8×	4.77×	17.14×	8.15×	18.77×	16.91×	8.6×	7.67×
Gross margin	48.7%	50.8%	37.1%	21.3%	25.1%	20.7%	19.5%	44.3%
Operating margin	9.6%	10.1%	2.6%	13.3%	17.7%	12.1%	10.5%	9.9%
Net margin	4.4%	5.0%	4.6%	10.8%	12.4%	7.4%	8.1%	6.4%
Current ratio	0.85×	4.03×	2.61×	2.09×	2.91×	2.03×	2.19×	1.66×
Debt / equity	0.39×	0.5×	0.61×	0.52×	0.52×	0.61×	0.57×	0.55×
Interest coverage	6.11×	3.97×	1.44×	29.64×	47.38×	21.63×	15.59×	14.07×
Dividend yield	0.9%	0.0%	1.2%	0.9%	0.3%	0.4%	0.9%	1.1%
Payout ratio	15.8%	0.0%	33.4%	11.8%	8.8%	15.3%	15.5%	18.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.0%	5.7%	5.4%	17.6%	20.5%	11.9%	12.0%	9.6%
Return on invested capital	4.4%	5.0%	1.5%	10.6%	13.3%	8.8%	7.4%	6.2%
Return on assets	3.0%	3.3%	2.9%	9.4%	11.2%	6.3%	6.4%	5.2%
Free cash flow yield	12.7%	11.7%	-7.1%	-4.8%	0.6%	-0.9%	-2.1%	-2.5%
Earnings yield	6.0%	7.7%	3.6%	7.9%	3.0%	2.7%	5.9%	6.0%
Enterprise value	€394.6M	€388.3M	€632.8M	€725.9M	€1.7B	€930.9M	€471.5M	€344.2M
Net debt / EBITDA	1.43×	1.67×	4.3×	1.33×	0.99×	1.71×	1.56×	1.64×
Cash conversion cycle (days)	95	97	70	59	53	55	62	64