Syzygy AG (SYZ.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

+399.4%

€5.79

vs €1.16 price

Levered DCF

€10.65

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.44

Distress zone

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	-2.25×	-2.75×	-15.82×	-9.56×	21.13×	38×	28×	23.31×
P/B	1.19×	1.35×	1.18×	1.58×	1.53×	1.44×	1.83×	2.02×
P/S	0.37×	0.53×	0.65×	1.01×	1.42×	1.38×	1.52×	1.66×
EV / EBITDA	20.67×	-8.47×	16.35×	7.56×	7.54×	9.89×	10.87×	11.69×
Gross margin	14.9%	22.5%	20.1%	24.2%	31.5%	29.7%	28.7%	27.2%
Operating margin	-3.7%	5.5%	1.1%	-7.7%	5.4%	7.2%	8.6%	9.2%
Net margin	-16.4%	-19.2%	-4.1%	-10.5%	6.7%	3.7%	5.4%	7.2%
Current ratio	0.9×	0.95×	0.82×	0.82×	0.82×	0.83×	0.93×	1.13×
Debt / equity	0.82×	0.83×	0.61×	0.51×	0.44×	0.49×	0.51×	0.08×
Interest coverage	-3.56×	4.62×	0.95×	-7.89×	4.18×	4.68×	6.61×	67.41×
Dividend yield	0.0%	0.0%	6.3%	3.8%	2.4%	0.0%	5.5%	4.8%
Payout ratio	0.0%	0.0%	-101.9%	-36.6%	50.3%	0.0%	154.9%	111.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-53.1%	-48.8%	-7.3%	-16.5%	7.2%	3.9%	6.5%	8.7%
Return on invested capital	-5.7%	6.8%	1.1%	-7.0%	2.9%	3.0%	4.2%	6.4%
Return on assets	-16.2%	-18.3%	-3.3%	-7.4%	3.5%	1.8%	2.9%	4.3%
Free cash flow yield	22.8%	24.4%	13.6%	16.8%	7.1%	9.5%	-6.8%	13.8%
Earnings yield	-44.5%	-36.2%	-6.2%	-10.4%	4.7%	2.7%	3.5%	4.3%
Enterprise value	€31M	€54.2M	€67.4M	€86.1M	€108.3M	€97M	€124M	€102.1M
Net debt / EBITDA	6.72×	-2.73×	4.96×	1.32×	1.58×	2.07×	2.31×	-0.85×
Cash conversion cycle (days)	26	27	32	24	44	36	52	2