Wacker Neuson SE (WAC.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

+94.7%

€42.65

vs €21.90 price

Levered DCF

€14.80

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.86

Grey zone

Rating

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	21.54×	14.21×	6.69×	7.78×	12.68×	87.55×	13.53×	8.15×
P/B	1.1×	0.66×	0.83×	0.8×	1.36×	1.01×	0.98×	0.96×
P/S	0.75×	0.45×	0.47×	0.49×	0.94×	0.76×	0.63×	0.69×
EV / EBITDA	6.93×	6.37×	4.9×	5.17×	7.3×	10.88×	7.96×	5.47×
Gross margin	21.0%	23.2%	24.4%	23.7%	25.9%	24.8%	25.0%	27.8%
Operating margin	5.4%	5.1%	8.9%	8.5%	10.6%	3.9%	7.7%	8.6%
Net margin	3.5%	3.1%	7.0%	6.3%	7.4%	0.9%	4.7%	8.5%
Current ratio	1.76×	1.8×	1.5×	1.94×	2.52×	3.65×	2.87×	2.85×
Debt / equity	0.22×	0.32×	0.37×	0.26×	0.39×	0.41×	0.47×	0.21×
Interest coverage	5.93×	4.45×	13.01×	17.88×	20.05×	5.04×	10.02×	17.29×
Dividend yield	2.4%	7.9%	5.5%	5.5%	2.4%	0.0%	6.5%	3.6%
Payout ratio	52.8%	111.4%	36.6%	42.9%	30.2%	0.0%	87.2%	29.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.1%	4.7%	12.4%	10.2%	10.7%	1.2%	7.2%	11.8%
Return on invested capital	4.2%	3.7%	7.9%	7.4%	7.5%	0.9%	4.9%	6.7%
Return on assets	3.1%	2.8%	7.0%	6.1%	5.9%	0.7%	4.0%	7.6%
Free cash flow yield	12.9%	20.4%	-4.1%	-9.9%	14.3%	25.9%	-9.2%	-7.8%
Earnings yield	4.6%	7.1%	15.0%	12.8%	7.9%	1.1%	7.4%	12.3%
Enterprise value	€2B	€1.4B	€1.8B	€1.4B	€1.9B	€1.4B	€1.7B	€1.4B
Net debt / EBITDA	1.07×	1.96×	1.45×	1.13×	0.76×	1.66×	2.45×	0.82×
Cash conversion cycle (days)	131	138	143	145	159	135	176	180