Takkt AG (TTK.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

+696.6%

€19.44

vs €2.44 price

Levered DCF

€15.11

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.94

Grey 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	-1.97×	-12.03×	35.53×	15.04×	17.66×	18.7×	11.04×	10.06×
P/B	0.65×	0.91×	1.37×	1.27×	1.45×	1.08×	1.28×	1.4×
P/S	0.25×	0.47×	0.71×	0.66×	0.86×	0.66×	0.68×	0.75×
EV / EBITDA	24.45×	5.28×	13.23×	7.56×	9.63×	8.48×	6.82×	6.91×
Gross margin	15.2%	39.3%	19.8%	39.3%	40.2%	39.7%	41.3%	41.5%
Operating margin	-1.7%	2.2%	5.5%	6.2%	6.5%	4.7%	8.8%	10.2%
Net margin	-12.5%	-3.9%	2.0%	4.4%	4.8%	3.5%	6.2%	7.5%
Current ratio	1.15×	1.34×	1.67×	1.63×	1.55×	1.61×	1.4×	1.78×
Debt / equity	0.4×	0.23×	0.17×	0.18×	0.16×	0.13×	0.3×	0.24×
Interest coverage	-2.11×	2.56×	9.81×	17.14×	19.25×	10.15×	18.34×	20.5×
Dividend yield	16.2%	13.0%	7.4%	8.1%	7.2%	0.0%	6.8%	4.1%
Payout ratio	-32.0%	-156.5%	265.0%	121.7%	126.6%	0.0%	74.7%	41.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-33.2%	-7.6%	3.8%	8.5%	8.2%	5.7%	11.6%	14.0%
Return on invested capital	-2.2%	2.4%	6.2%	6.7%	6.3%	4.6%	8.0%	9.8%
Return on assets	-15.7%	-4.5%	2.4%	5.3%	5.1%	3.7%	6.8%	8.5%
Free cash flow yield	9.2%	16.5%	10.3%	7.9%	3.8%	15.3%	12.9%	8.4%
Earnings yield	-50.8%	-8.3%	2.8%	6.7%	5.7%	5.3%	9.0%	10.0%
Enterprise value	€368.4M	€612.8M	€983.3M	€1B	€1.1B	€778M	€1B	€1B
Net debt / EBITDA	8.72×	1×	1.43×	0.88×	0.91×	0.86×	1.27×	1.01×
Cash conversion cycle (days)	52	72	66	87	92	70	79	87