Teleste Corporation (TLT1V.HE) 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

+58.3%

€5.27

vs €3.33 price

Levered DCF

€14.55

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.56

Grey zone

Rating

B+

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	25.07×	-8.25×	-600×	-11.06×	13.44×	29.93×	-58.68×	14.16×
P/B	1.2×	0.87×	0.8×	1.07×	1.39×	1.3×	1.34×	1.27×
P/S	0.5×	0.36×	0.33×	0.39×	0.66×	0.56×	0.41×	0.39×
EV / EBITDA	8.1×	10.11×	14.7×	11.92×	6.44×	7.64×	10.35×	7.63×
Gross margin	13.7%	50.0%	48.9%	46.6%	53.0%	50.3%	47.9%	44.9%
Operating margin	4.4%	-4.2%	-0.3%	0.6%	3.8%	3.1%	-0.0%	3.9%
Net margin	2.0%	-4.4%	-0.1%	-3.6%	4.9%	1.9%	-0.7%	2.8%
Current ratio	1.58×	1.64×	1.83×	2.07×	1.37×	1.82×	1.78×	1.85×
Debt / equity	0.5×	0.62×	0.62×	0.83×	0.41×	0.49×	0.46×	0.35×
Interest coverage	1.29×	-2.18×	-0.3×	1.23×	14.23×	10.1×	-0.07×	17.8×
Dividend yield	0.8%	0.0%	0.0%	4.0%	2.4%	2.1%	3.7%	1.9%
Payout ratio	19.7%	0.0%	0.0%	-43.4%	32.7%	60.7%	-219.5%	26.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.8%	-10.6%	-0.1%	-9.7%	10.3%	4.4%	-2.3%	9.1%
Return on invested capital	5.9%	-5.3%	-0.1%	0.9%	4.2%	3.5%	0.2%	6.9%
Return on assets	2.3%	-4.8%	-0.1%	-3.9%	5.2%	2.1%	-1.1%	4.4%
Free cash flow yield	11.5%	16.2%	8.0%	-26.0%	6.8%	9.7%	-4.8%	9.6%
Earnings yield	4.0%	-12.2%	-0.2%	-9.1%	7.4%	3.4%	-1.7%	7.2%
Enterprise value	€89.3M	€73.6M	€80.8M	€101.5M	€109.4M	€92.5M	€121.9M	€102.1M
Net debt / EBITDA	1.78×	3.49×	5.74×	4.34×	0.82×	0.89×	2.1×	0.34×
Cash conversion cycle (days)	67	156	161	181	177	153	129	113