Vienna Insurance Group AG (VIG.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

+30.0%

€92.95

vs €71.50 price

Levered DCF

€51.66

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.49

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	10.4×	6.09×	6.15×	6.16×	8.47×	11.49×	9.81×	9.66×
P/B	1.2×	0.6×	0.58×	0.52×	0.61×	0.52×	0.64×	0.57×
P/S	0.58×	0.3×	0.29×	0.32×	0.3×	0.26×	0.3×	0.25×
EV / EBITDA	6.28×	3.34×	3.52×	5.02×	3.96×	5.65×	4.79×	5.04×
Gross margin	100.0%	100.0%	100.0%	75.8%	82.5%	83.6%	84.4%	84.8%
Operating margin	7.8%	6.8%	6.6%	6.5%	4.8%	3.3%	4.8%	4.8%
Net margin	5.6%	5.0%	4.8%	5.3%	3.5%	2.2%	3.1%	2.6%
Current ratio	0×	26.82×	1.44×	2.95×	3.67×	3.87×	25.45×	30.71×
Debt / equity	0.26×	0.27×	0.31×	0.59×	0.38×	0.38×	0.37×	0.59×
Interest coverage	15.45×	10.75×	7.86×	6.15×	4.99×	3.64×	4.5×	3.98×
Dividend yield	2.4%	5.1%	5.5%	6.8%	3.0%	5.8%	3.9%	5.4%
Payout ratio	24.7%	31.0%	33.2%	41.1%	25.6%	67.1%	38.6%	52.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.6%	9.9%	9.5%	8.6%	7.2%	4.5%	6.5%	5.9%
Return on invested capital	1.6%	1.3%	1.2%	1.0%	0.7%	0.5%	0.7%	0.7%
Return on assets	1.5%	1.3%	1.1%	1.0%	0.7%	0.5%	0.7%	0.5%
Free cash flow yield	18.8%	-0.4%	-11.9%	-2.9%	2.7%	1.5%	22.8%	17.5%
Earnings yield	9.7%	16.6%	16.5%	16.5%	11.8%	8.7%	10.2%	10.4%
Enterprise value	€9.1B	€3.9B	€3.6B	€4B	€2.7B	€2.9B	€3.7B	€3.9B
Net debt / EBITDA	0.32×	-0.01×	0.25×	1.44×	-0.67×	0.46×	0.57×	1.72×
Cash conversion cycle (days)	21	16	16	30	20	-156	0	-190