Telekom Austria AG (TKA.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

+352.8%

€38.26

vs €8.45 price

Levered DCF

€29.31

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.04

Grey zone

Rating

Overall 4 / 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	9.78×	8.47×	7.89×	5.02×	9.25×	9.02×	12.27×	15.05×
P/B	1.12×	1.06×	1.1×	0.88×	1.34×	1.24×	1.51×	1.51×
P/S	1.07×	0.99×	0.98×	0.64×	0.9×	0.78×	0.89×	0.83×
EV / EBITDA	3.92×	3.71×	3.99×	3.03×	4.11×	4.26×	4.76×	4.59×
Gross margin	36.2%	56.8%	56.1%	56.4%	56.3%	56.0%	56.2%	54.4%
Operating margin	17.5%	16.2%	17.7%	17.7%	16.1%	14.3%	13.8%	9.8%
Net margin	11.0%	11.8%	12.5%	12.9%	9.7%	8.7%	7.3%	5.5%
Current ratio	0.83×	0.97×	0.77×	0.6×	0.61×	0.74×	0.87×	0.82×
Debt / equity	0.49×	0.53×	0.6×	0.71×	1.08×	1.22×	1.36×	1.14×
Interest coverage	9.76×	8.86×	8.44×	13.71×	7.47×	6.29×	6.18×	5.28×
Dividend yield	4.5%	4.5%	4.2%	5.9%	4.0%	4.4%	3.5%	4.5%
Payout ratio	43.5%	38.3%	32.9%	29.3%	36.5%	39.3%	42.7%	68.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.4%	12.6%	14.0%	17.7%	14.6%	13.9%	12.4%	9.9%
Return on invested capital	9.0%	8.5%	8.5%	9.8%	7.2%	6.9%	5.9%	5.0%
Return on assets	6.0%	6.4%	6.8%	7.6%	5.3%	4.7%	3.9%	3.3%
Free cash flow yield	14.8%	17.5%	12.2%	25.9%	17.5%	21.3%	14.6%	12.5%
Earnings yield	10.2%	11.8%	12.7%	20.0%	10.9%	11.2%	8.2%	6.6%
Enterprise value	€8.2B	€7.6B	€7.7B	€5.6B	€7B	€6.7B	€7.5B	€6.4B
Net debt / EBITDA	1.07×	1.12×	1.35×	1.31×	1.66×	2.04×	2.21×	1.94×
Cash conversion cycle (days)	-19	-24	-24	-27	-11	1	-25	-28