Stadlauer Malzfabrik AG (STM.VI) 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

+91.7%

€103.53

vs €54.00 price

Levered DCF

-€8.12

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

34.35

Safe zone

Rating

—

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	22.2×	20.75×	18.04×	35.25×	30.84×	26.16×	18.95×	25.53×
P/B	0.56×	0.53×	0.74×	0.01×	0.78×	0.77×	0.62×	1×
P/S	19.84×	22.64×	28.05×	25.62×	26.26×	24.47×	25.12×	31.67×
EV / EBITDA	16.72×	15.74×	29.59×	23.96×	16.44×	52.72×	69.87×	-5.71×
Gross margin	100.0%	100.0%	153.9%	100.0%	100.0%	100.0%	100.0%	100.0%
Operating margin	41.2%	49.7%	93.6%	80.6%	28.7%	40.2%	33.3%	60.5%
Net margin	89.3%	109.2%	155.5%	72.6%	85.3%	93.5%	132.6%	124.2%
Current ratio	0×	396.47×	122.29×	47.13×	51.38×	51.6×	37.28×	32.68×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	0×	133,982.14×	0×	690.04×	0×	0×	0×	0×
Dividend yield	1.9%	2.0%	1.5%	2.0%	1.4%	1.5%	1.9%	1.1%
Payout ratio	41.5%	41.5%	26.5%	72.0%	44.0%	38.8%	35.1%	27.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.5%	2.6%	4.1%	0.0%	2.5%	2.9%	3.3%	3.9%
Return on invested capital	0.9%	0.9%	1.9%	1.3%	0.6%	0.9%	0.6%	1.4%
Return on assets	2.5%	2.6%	4.0%	1.5%	2.5%	2.8%	3.2%	3.8%
Free cash flow yield	0.0%	-2.6%	-21.5%	19.4%	0.0%	3.7%	0.0%	0.0%
Earnings yield	4.5%	4.8%	5.5%	2.8%	3.2%	3.8%	5.3%	3.9%
Enterprise value	€29.3M	€27.7M	€37.6M	€25.1M	€28M	€32.8M	€28M	€44.2M
Net debt / EBITDA	-0.35×	-0.2×	-0.4×	-2.23×	-6.62×	-8.11×	-5.7×	0.44×
Cash conversion cycle (days)	6,937	8,312	7,370	6,655	5,862	7,005	8,136	16