Friedrich Vorwerk Group SE (VH2.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

-75.0%

€17.68

vs €70.75 price

Levered DCF

€70.34

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

5.55

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
P/E	18.87×	15.25×	30.39×	25.64×	21.31×	31.29×	5.26×
P/B	5.72×	2.66×	1.81×	2.71×	3.77×	15.06×	3.94×
P/S	2.32×	1.1×	0.83×	1.2×	2.05×	3.28×	0.83×
EV / EBITDA	10.22×	5.24×	8.46×	8.66×	9.61×	19.64×	3.46×
Gross margin	24.2%	52.5%	45.0%	44.6%	56.9%	52.1%	49.9%
Operating margin	15.5%	9.7%	8.3%	8.4%	13.4%	14.9%	16.1%
Net margin	12.3%	7.2%	2.7%	4.7%	9.6%	10.5%	15.8%
Current ratio	1.84×	1.66×	1.85×	1.96×	2.33×	1.49×	1.15×
Debt / equity	0.06×	0.11×	0.1×	0.13×	0.18×	0.27×	0.54×
Interest coverage	70.55×	33.93×	28.17×	32.35×	41.17×	43.26×	33.89×
Dividend yield	0.4%	0.4%	0.8%	0.9%	4.4%	1.3%	5.3%
Payout ratio	6.9%	6.7%	23.6%	23.3%	93.8%	40.7%	27.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	30.3%	17.4%	5.9%	10.5%	17.7%	48.0%	74.9%
Return on invested capital	20.0%	11.5%	11.7%	7.7%	12.4%	27.6%	30.7%
Return on assets	15.0%	8.2%	3.3%	5.6%	9.2%	17.3%	16.9%
Free cash flow yield	7.3%	21.9%	6.2%	-9.6%	1.4%	1.3%	36.0%
Earnings yield	5.3%	6.6%	3.3%	3.9%	4.7%	3.2%	19.0%
Enterprise value	€1.4B	€393.7M	€270M	€416.3M	€490.9M	€929.7M	€117.6M
Net debt / EBITDA	-1.83×	-2.03×	-1.25×	-0.51×	-1.57×	-0.59×	-0.94×
Cash conversion cycle (days)	48	74	108	111	78	69	91