UBM Development AG (UBS.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

-989.1%

-€124.48

vs €14.00 price

Levered DCF

-€447.28

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.62

Distress zone

Rating

C+

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	-14.18×	-3.38×	-3.1×	6.59×	9.62×	8.15×	7.66×	6.29×
P/B	0.66×	0.36×	0.44×	0.34×	0.59×	0.56×	0.77×	0.58×
P/S	1.06×	1.13×	1.91×	1.27×	1.16×	1.46×	1.46×	0.49×
EV / EBITDA	47.49×	37.18×	-143.93×	11.09×	8.44×	8.95×	8.83×	14.75×
Gross margin	17.8%	49.3%	56.2%	37.4%	32.7%	25.4%	24.8%	23.2%
Operating margin	10.7%	11.4%	16.7%	50.0%	32.0%	74.9%	44.0%	15.1%
Net margin	-1.6%	-28.4%	-54.6%	19.3%	12.1%	21.7%	21.9%	7.7%
Current ratio	1.69×	1.41×	2.72×	1.97×	2.52×	2.96×	2.15×	1.41×
Debt / equity	3.52×	2.27×	2.09×	1.7×	1.51×	1.56×	1.54×	1.45×
Interest coverage	0.53×	0.37×	0.44×	2.6×	3.65×	6.35×	4.82×	3.39×
Dividend yield	3.5%	4.6%	10.2%	16.1%	7.5%	6.1%	6.7%	8.2%
Payout ratio	-237.8%	-18.2%	-35.7%	106.0%	72.1%	41.3%	44.2%	51.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-1.0%	-8.9%	-12.4%	5.2%	6.2%	8.3%	11.6%	9.3%
Return on invested capital	-0.8%	1.1%	1.2%	4.2%	4.6%	7.2%	6.4%	5.1%
Return on assets	-0.2%	-2.5%	-3.7%	1.8%	2.2%	2.9%	4.0%	3.2%
Free cash flow yield	-22.5%	-25.6%	-56.8%	-60.7%	-33.2%	-29.1%	-50.4%	-93.2%
Earnings yield	-1.5%	-25.1%	-28.6%	15.2%	10.4%	14.9%	15.0%	15.9%
Enterprise value	€821.1M	€687.5M	€795.6M	€692.5M	€726.3M	€767.4M	€844.9M	€671.4M
Net debt / EBITDA	38.97×	30.67×	-114.46×	8.36×	4.68×	5.83×	5.15×	9.27×
Cash conversion cycle (days)	988	1,910	2,501	1,050	256	398	298	110