Ascory Bank AG (VG80.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

-140.3%

-€0.98

vs €2.44 price

Levered DCF

-€3.17

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.14

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	49.8×	-16.75×	2.17×	6.33×	2.58×	21.65×	21.76×	47.75×
P/B	0.33×	0.35×	0.4×	0.88×	0.8×	0.96×	1.01×	0.99×
P/S	0.48×	0.48×	0.46×	0.63×	0.73×	1.25×	1.42×	1,199.94×
EV / EBITDA	28.34×	137.73×	5.3×	6,337,609.3×	33.99×	38.51×	28.92×	12.18×
Gross margin	69.5%	79.0%	89.2%	87.3%	84.8%	80.3%	97.4%	98104.6%
Operating margin	3.7%	0.2%	32.9%	36.9%	35.1%	6.3%	14.9%	11135.2%
Net margin	1.0%	-2.8%	21.3%	10.0%	28.2%	5.8%	6.7%	2513.2%
Current ratio	0.02×	0×	0.06×	0.01×	0.98×	0.89×	0.68×	0.28×
Debt / equity	0.53×	0.07×	1.14×	2.07×	2.76×	3.29×	0.97×	0.2×
Interest coverage	0.12×	0.01×	3.04×	-34.61×	14.49×	1.42×	1.8×	1.36×
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	0.7%	-2.0%	18.3%	14.0%	30.7%	4.4%	4.7%	2.1%
Return on invested capital	0.4%	-0.2%	1.1%	-1.4%	3.0%	0.3%	0.5%	-0.2%
Return on assets	0.0%	-0.2%	1.1%	0.6%	1.2%	0.2%	0.2%	0.1%
Free cash flow yield	0.0%	0.0%	0.0%	0.0%	0.5%	0.5%	0.7%	0.6%
Earnings yield	2.0%	-5.9%	46.1%	15.8%	38.7%	4.6%	4.7%	2.1%
Enterprise value	€59.6M	€26.1M	€119.7M	€177.5M	€197.4M	€163.7M	€67.5M	€29.5M
Net debt / EBITDA	15.95×	-4.33×	3.9×	4,293,138.39×	26.34×	29.81×	14.14×	2.01×
Cash conversion cycle (days)	30	50	-73	-11	-132	-125	-198	2,859