Talanx AG (TLX.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

+520.2%

€795.09

vs €128.20 price

Levered DCF

€3,751.44

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.75

Distress 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	11.85×	10.72×	10.39×	15.89×	10.64×	12.41×	12.1×	10.71×
P/B	2.18×	1.82×	1.57×	1.3×	1×	0.77×	1.1×	0.86×
P/S	0.51×	0.83×	0.85×	0.6×	0.25×	0.21×	0.29×	0.22×
EV / EBITDA	6.01×	4.89×	6.34×	5.99×	5.42×	5.84×	5.38×	4.16×
Gross margin	100.0%	107.1%	105.8%	105.0%	78.1%	76.6%	77.3%	77.0%
Operating margin	8.9%	18.3%	14.7%	14.0%	5.3%	3.7%	5.9%	5.5%
Net margin	4.3%	7.7%	8.2%	3.8%	2.3%	1.7%	2.4%	2.1%
Current ratio	0×	0.8×	1.75×	15.49×	19.47×	19.72×	19.87×	15.64×
Debt / equity	0.63×	0.76×	0.87×	1.13×	0.72×	0.6×	0.61×	0.57×
Interest coverage	14.46×	16.92×	10.4×	13.99×	10.22×	5.48×	8.66×	7.93×
Dividend yield	2.4%	5.4%	3.1%	3.6%	3.5%	4.7%	3.3%	9.8%
Payout ratio	28.1%	57.5%	32.1%	57.4%	37.5%	58.5%	39.8%	104.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	18.4%	17.0%	15.1%	8.2%	9.4%	6.2%	9.1%	8.1%
Return on invested capital	2.0%	1.8%	1.5%	1.0%	0.8%	0.6%	0.9%	0.9%
Return on assets	1.3%	1.1%	0.9%	0.4%	0.5%	0.4%	0.5%	0.4%
Free cash flow yield	26.9%	39.7%	46.5%	51.4%	78.0%	73.1%	57.1%	45.6%
Earnings yield	8.4%	9.3%	9.6%	6.3%	9.4%	8.1%	8.3%	9.3%
Enterprise value	€32.6B	€25B	€20.4B	€17.4B	€14.5B	€10.7B	€13.9B	€9.1B
Net debt / EBITDA	0.59×	0.73×	1.24×	2.13×	1.39×	1.47×	1.05×	0.74×
Cash conversion cycle (days)	55	28,419	63	59	-35	-189	-186	-176