Verbund AG (VER.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

-15.5%

€58.79

vs €69.55 price

Levered DCF

€51.78

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.13

Safe 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	14.45×	12.96×	12.89×	15.92×	39.4×	38.38×	27.96×	29.79×
P/B	2.08×	2.44×	2.93×	3.76×	6.29×	3.95×	2.64×	2.44×
P/S	2.69×	2.95×	2.79×	2.64×	7.19×	7.5×	3.99×	4.55×
EV / EBITDA	8.83×	7.06×	7.5×	10.08×	20.91×	18.26×	12.77×	15.25×
Gross margin	29.1%	50.4%	45.9%	28.6%	38.9%	55.3%	41.9%	45.7%
Operating margin	26.0%	33.1%	33.4%	18.4%	26.5%	28.5%	22.2%	23.0%
Net margin	18.6%	22.7%	21.6%	16.6%	18.3%	19.5%	14.2%	15.2%
Current ratio	0.98×	1.41×	1.14×	0.94×	0.67×	0.62×	0.67×	0.56×
Debt / equity	0.24×	0.23×	0.26×	0.53×	0.59×	0.23×	0.28×	0.42×
Interest coverage	28.26×	21.77×	31.19×	18.73×	12.42×	11.35×	7.84×	5.15×
Dividend yield	4.5%	8.0%	5.3%	1.3%	0.8%	1.0%	0.9%	1.4%
Payout ratio	65.3%	103.1%	68.6%	21.2%	29.8%	38.0%	26.3%	41.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.4%	18.8%	22.7%	23.6%	16.0%	10.3%	9.4%	8.2%
Return on invested capital	9.5%	12.3%	15.6%	9.1%	8.1%	6.3%	6.2%	4.8%
Return on assets	7.9%	10.0%	11.6%	9.0%	5.1%	5.2%	4.7%	3.7%
Free cash flow yield	2.6%	8.7%	12.6%	3.4%	-2.2%	2.4%	5.2%	2.8%
Earnings yield	6.9%	7.7%	7.8%	6.3%	2.5%	2.6%	3.6%	3.3%
Enterprise value	€23.9B	€25.8B	€30.8B	€30.8B	€37.3B	€25.6B	€17.2B	€15.1B
Net debt / EBITDA	0.88×	0.41×	0.39×	1.13×	1.64×	0.95×	1.2×	2.2×
Cash conversion cycle (days)	51	30	18	20	194	14	25	15