UNIQA Insurance Group AG (UQA.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

+246.7%

€61.91

vs €17.86 price

Levered DCF

€24.44

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.48

Distress zone

Rating

A-

Overall 4 / 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	11.2×	6.93×	7.54×	8.43×	7.83×	101.27×	16.25×	9.95×
P/B	1.56×	0.83×	0.84×	1.06×	0.75×	0.57×	0.82×	0.81×
P/S	0.52×	0.42×	0.45×	0.62×	0.38×	0.35×	0.5×	0.44×
EV / EBITDA	7.83×	5.44×	5.32×	7.77×	4.58×	9.85×	8.14×	4.76×
Gross margin	92.2%	102.0%	101.8%	101.7%	83.9%	83.2%	83.5%	84.1%
Operating margin	5.6%	7.7%	8.4%	7.9%	5.8%	1.0%	4.1%	5.4%
Net margin	4.6%	6.1%	5.9%	7.4%	4.8%	0.3%	3.1%	4.5%
Current ratio	0.61×	21.39×	0.8×	75.48×	100.59×	97.21×	100.53×	102.46×
Debt / equity	0.46×	0.55×	0.59×	0.86×	0.35×	0.51×	0.28×	0.3×
Interest coverage	11.63×	9.13×	8.29×	5.22×	2.84×	0.88×	4.25×	5.58×
Dividend yield	3.9%	7.4%	7.4%	7.9%	2.2%	2.8%	5.8%	6.6%
Payout ratio	43.5%	51.1%	56.0%	66.2%	17.6%	284.7%	95.2%	65.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.9%	12.0%	11.2%	12.6%	9.5%	0.6%	5.0%	8.2%
Return on invested capital	6.9%	1.3%	0.8%	0.8%	0.8%	0.1%	0.5%	0.6%
Return on assets	1.5%	1.2%	1.1%	0.9%	1.0%	0.1%	0.6%	0.9%
Free cash flow yield	17.6%	17.5%	8.8%	-29.9%	22.3%	2.3%	12.7%	-5.3%
Earnings yield	8.9%	14.5%	13.2%	11.9%	12.7%	1.0%	6.1%	10.1%
Enterprise value	€5.5B	€3.4B	€3.2B	€3.2B	€3B	€3.1B	€3.3B	€1.9B
Net debt / EBITDA	1.05×	1.55×	1.49×	2.6×	0.86×	3.59×	1.17×	-1.43×
Cash conversion cycle (days)	0	0	0	995	-26	-7	-6	-4