TAG Immobilien AG (TEG.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

-18.2%

€9.27

vs €11.33 price

Levered DCF

€3.83

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.76

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	25.44×	20.23×	-5.83×	8.52×	6.31×	9.61×	7.26×	6.73×
P/B	0.73×	0.83×	0.78×	0.3×	1.18×	1.45×	1.38×	1.61×
P/S	2.45×	2.33×	1.7×	1.01×	5.87×	5.55×	6.49×	6.11×
EV / EBITDA	10.13×	28.54×	-12.99×	21.84×	8.47×	12.18×	9.48×	9.03×
Gross margin	43.0%	37.5%	29.8%	36.4%	51.4%	50.1%	57.1%	50.6%
Operating margin	29.9%	26.3%	-126.9%	21.2%	126.1%	86.2%	126.5%	40.2%
Net margin	9.6%	11.2%	-29.8%	11.8%	93.2%	57.8%	89.5%	90.8%
Current ratio	0.97×	1.05×	1.22×	0.99×	1.19×	1.73×	1.18×	0.68×
Debt / equity	1.33×	1.25×	1.15×	1.2×	1.02×	1.17×	1.1×	1.2×
Interest coverage	2.82×	3.99×	-23.25×	3.8×	15.87×	11.35×	12.75×	3.16×
Dividend yield	2.3%	0.0%	0.0%	14.2%	3.6%	3.2%	3.4%	2.9%
Payout ratio	58.7%	0.0%	0.0%	120.4%	22.6%	30.5%	24.6%	19.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.9%	4.0%	-13.8%	3.5%	18.8%	15.1%	19.0%	24.0%
Return on invested capital	0.7%	3.8%	-17.9%	2.1%	9.1%	7.8%	9.5%	3.9%
Return on assets	1.0%	1.6%	-5.4%	1.4%	8.0%	6.1%	7.9%	9.6%
Free cash flow yield	9.0%	5.2%	12.6%	13.0%	4.2%	6.4%	4.4%	4.8%
Earnings yield	3.9%	4.8%	-17.6%	11.8%	15.9%	10.4%	13.8%	14.9%
Enterprise value	€5.5B	€5.7B	€5.5B	€4.5B	€6.6B	€6.5B	€5.7B	€5.5B
Net debt / EBITDA	5.75×	15.88×	-7.61×	17.22×	3.85×	5.12×	4.12×	3.76×
Cash conversion cycle (days)	446	319	220	404	112	84	63	54