TKH Group N.V. (TWEKA.AS) 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

-46.8%

€26.06

vs €49.00 price

Levered DCF

€16.88

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.58

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	15.43×	13.33×	9.71×	11.13×	24.03×	34.68×	18.35×	15.78×
P/B	1.62×	1.5×	1.92×	1.94×	3.17×	2.49×	2.97×	2.64×
P/S	0.83×	0.78×	0.87×	0.84×	1.5×	1.28×	1.41×	1.17×
EV / EBITDA	10.38×	7.58×	6.44×	6.56×	11.04×	13.32×	14.35×	11.35×
Gross margin	18.0%	51.9%	20.0%	19.4%	18.9%	15.7%	17.5%	47.3%
Operating margin	6.1%	7.6%	9.4%	10.5%	9.0%	5.5%	6.7%	9.0%
Net margin	5.4%	5.8%	9.0%	7.5%	6.2%	3.7%	7.7%	7.4%
Current ratio	1.5×	1.57×	1.54×	1.59×	1.45×	1.53×	1.59×	1.25×
Debt / equity	0.75×	0.8×	0.78×	0.73×	0.53×	0.71×	0.67×	0.63×
Interest coverage	3.62×	4.33×	7.46×	18.48×	17.57×	8.08×	10.28×	16.64×
Dividend yield	4.1%	5.1%	4.2%	4.1%	1.8%	3.8%	2.8%	3.0%
Payout ratio	63.5%	68.2%	40.9%	45.1%	43.2%	131.7%	51.5%	47.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.5%	11.3%	19.8%	17.4%	13.2%	7.2%	16.2%	16.8%
Return on invested capital	5.6%	6.3%	9.1%	10.1%	8.6%	4.5%	6.1%	9.0%
Return on assets	4.4%	4.5%	7.8%	6.6%	5.6%	3.0%	7.1%	7.1%
Free cash flow yield	8.4%	7.2%	-4.9%	-1.4%	5.5%	7.1%	5.3%	5.0%
Earnings yield	6.5%	7.5%	10.3%	9.0%	4.2%	2.9%	5.4%	6.3%
Enterprise value	€2B	€1.9B	€2.2B	€1.9B	€2.6B	€2B	€2.5B	€2B
Net debt / EBITDA	2.85×	2.32×	1.65×	1.33×	1.21×	2.31×	2.28×	1.82×
Cash conversion cycle (days)	95	186	135	122	102	105	90	107