United Labels AG (ULC.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

+331.2%

€3.30

vs €0.77 price

Levered DCF

€0.47

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.07

Distress 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	8.5×	73.33×	24.56×	58.26×	-79.48×	9.64×	-9.71×	26.66×
P/B	2.3×	4.16×	5.79×	11.78×	17.49×	7.66×	36.04×	5.15×
P/S	0.44×	0.51×	0.63×	1.16×	0.94×	0.56×	0.7×	0.6×
EV / EBITDA	6.36×	9.31×	14.2×	20.64×	26.94×	7.96×	4.51×	8.45×
Gross margin	29.2%	37.1%	27.3%	31.1%	27.5%	35.9%	22.9%	37.6%
Operating margin	7.9%	5.1%	4.1%	3.6%	0.3%	9.3%	-2.4%	6.8%
Net margin	5.2%	0.7%	2.5%	2.0%	-1.2%	5.8%	-7.3%	2.2%
Current ratio	1.06×	1.02×	0.97×	0.89×	0.8×	0.86×	0.74×	0.89×
Debt / equity	1.67×	2.92×	2.84×	3.31×	7.99×	8.34×	26.77×	1.84×
Interest coverage	3.25×	1.41×	1.71×	2.02×	0.1×	2.94×	-0.54×	2.74×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	27.1%	5.7%	23.6%	20.2%	-22.0%	80.1%	-377.4%	19.3%
Return on invested capital	12.0%	3.4%	8.5%	6.9%	0.2%	9.0%	-3.0%	9.5%
Return on assets	4.0%	0.6%	3.0%	1.8%	-1.2%	4.2%	-6.3%	2.2%
Free cash flow yield	2.9%	6.2%	3.8%	0.0%	6.2%	11.0%	26.9%	-4.7%
Earnings yield	11.8%	1.4%	4.1%	1.7%	-1.3%	10.5%	-10.5%	3.8%
Enterprise value	€15.7M	€19.1M	€22.4M	€32.9M	€24.5M	€15.1M	€16M	€20.3M
Net debt / EBITDA	2.54×	3.72×	4.35×	4.4×	8.35×	4.09×	1.86×	2×
Cash conversion cycle (days)	161	-31	20	-42	-63	-113	-61	24