Uniper SE (UN0.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

-14.1%

€37.12

vs €43.20 price

Levered DCF

€10.88

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

2.33

Grey zone

Rating

A+

Overall 5 / 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	9.79×	55.15×	3.83×	-0.08×	-3.67×	26.04×	17.71×	-20.57×
P/B	1.15×	1.59×	2.37×	0.35×	2.43×	0.96×	0.95×	0.75×
P/S	0.22×	0.24×	0.22×	0.01×	0.09×	0.2×	0.16×	0.09×
EV / EBITDA	10.92×	4.66×	2.64×	-0.77×	-5.68×	7.76×	6.44×	20.09×
Gross margin	1.8%	7.7%	2.5%	-1.7%	2.9%	1.0%	1.2%	1.1%
Operating margin	0.6%	1.6%	-0.6%	-1.8%	2.4%	0.2%	0.5%	0.5%
Net margin	2.3%	0.4%	5.8%	-6.9%	-2.6%	0.8%	0.9%	-0.4%
Current ratio	1.84×	1.44×	1.34×	1.11×	0.96×	1.04×	1.06×	1×
Debt / equity	0.14×	0.18×	0.18×	2.85×	1.42×	0.16×	0.17×	0.27×
Interest coverage	1.59×	1.95×	-1.32×	-6.01×	28.13×	0.31×	3.34×	1.24×
Dividend yield	0.0%	0.0%	0.0%	1.7%	3.3%	4.1%	3.0%	3.3%
Payout ratio	0.0%	0.0%	0.0%	-0.1%	-12.0%	106.0%	53.9%	-67.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.8%	2.9%	61.8%	-453.4%	-66.1%	3.7%	5.4%	-3.6%
Return on invested capital	1.4%	0.8%	-1.6%	-5.1%	5.1%	0.3%	0.7%	1.3%
Return on assets	3.9%	0.8%	11.5%	-12.9%	-2.6%	0.9%	1.2%	-0.7%
Free cash flow yield	-11.6%	6.0%	24.8%	-1049.8%	19.9%	5.0%	2.6%	7.3%
Earnings yield	10.2%	1.8%	26.1%	-1278.5%	-27.3%	3.8%	5.6%	-4.9%
Enterprise value	€9.8B	€11.7B	€21.7B	€8.8B	€21.3B	€11.7B	€11.8B	€9.8B
Net debt / EBITDA	-4.36×	-1.93×	-0.29×	-0.64×	-1.6×	0.9×	0.57×	3.16×
Cash conversion cycle (days)	42	65	61	55	149	66	57	60