Net-Digital AG (VRL.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

+30.9%

€37.97

vs €29.00 price

Levered DCF

-€16.23

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

8.01

Safe 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	13.06×	-2.23×	-5.88×	-18.35×	-6.93×	-8.59×	-5.61×	-11.01×
P/B	7.73×	2.25×	2.51×	1.99×	0.71×	0.66×	0.83×	2.26×
P/S	0.99×	0.41×	0.64×	0.69×	0.37×	119.24×	152.6×	644.57×
EV / EBITDA	8.62×	26.24×	20.07×	6.21×	1.46×	-5.41×	-0.39×	-6.2×
Gross margin	13.0%	42.5%	4.3%	46.9%	50.4%	100.0%	-666.8%	77.5%
Operating margin	9.2%	-11.0%	-7.9%	-0.5%	-1.4%	-898.9%	-3589.9%	-5814.3%
Net margin	7.6%	-18.1%	-11.0%	-3.7%	-5.3%	-1509.3%	-2759.2%	-5824.0%
Current ratio	2.09×	1.38×	1.53×	1.96×	2.07×	14.93×	643.03×	24.14×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	329,613.13×	-488.4×	-106.05×	-12.53×	-15.35×	0×	-2,601.94×	-597.62×
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	59.3%	-100.4%	-43.0%	-10.7%	-10.2%	-8.3%	-15.0%	-20.5%
Return on invested capital	39.1%	-48.3%	-23.6%	-1.0%	-2.2%	-4.9%	-19.2%	-20.3%
Return on assets	22.9%	-33.6%	-18.6%	-5.3%	-6.0%	-8.1%	-14.9%	-19.5%
Free cash flow yield	2.5%	-23.1%	-4.7%	1.1%	-10.7%	0.0%	1.1%	0.1%
Earnings yield	7.7%	-44.7%	-17.1%	-5.4%	-14.5%	-12.7%	-18.1%	-9.0%
Enterprise value	€34.8M	€2.3M	€4.6M	€5.4M	€1.1M	€1.9M	€70.3K	€1.8M
Net debt / EBITDA	-0.67×	-24.51×	-7.2×	-2.26×	-2.75×	2.59×	5.32×	4.92×
Cash conversion cycle (days)	19	-74	-24	-77	-99	0	444	-8,340