Siltronic AG (WAF.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

-373.2%

-€155.03

vs €56.75 price

Levered DCF

-€134.85

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.9

Distress zone

Rating

C-

Overall 1 / 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	-21.17×	22.14×	14.54×	5.23×	16.76×	23.9×	11.93×	5.82×
P/B	0.8×	0.69×	1.41×	1.08×	3.57×	4.89×	3.11×	2.45×
P/S	1.09×	0.99×	1.77×	1.13×	3.02×	3.18×	2.12×	1.49×
EV / EBITDA	8.57×	7.28×	7.01×	3.4×	8.31×	10.64×	6.1×	3.25×
Gross margin	8.3%	19.5%	24.6%	34.1%	31.4%	28.1%	36.0%	43.4%
Operating margin	-2.5%	8.9%	15.3%	27.5%	22.5%	15.9%	23.5%	34.2%
Net margin	-5.1%	4.5%	12.2%	21.6%	18.0%	13.3%	17.8%	25.6%
Current ratio	2.01×	2.1×	1.58×	3.11×	3.24×	3.76×	3.55×	3.95×
Debt / equity	0.81×	0.76×	0.48×	0.41×	0.09×	0.07×	0.06×	0×
Interest coverage	-0.67×	3.54×	9.76×	22.63×	66.02×	20.67×	99.43×	52.39×
Dividend yield	0.4%	2.6%	3.4%	4.4%	1.4%	2.3%	5.6%	3.5%
Payout ratio	-8.7%	57.1%	48.8%	23.0%	23.7%	56.0%	66.5%	20.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-3.8%	3.1%	9.7%	20.7%	21.3%	20.5%	26.1%	42.1%
Return on invested capital	-0.8%	1.8%	5.2%	12.5%	13.4%	11.1%	15.1%	26.3%
Return on assets	-1.4%	1.2%	4.1%	9.6%	10.3%	8.4%	11.6%	20.5%
Free cash flow yield	-10.2%	-25.5%	-26.5%	-5.8%	2.6%	0.8%	1.3%	19.0%
Earnings yield	-4.7%	4.5%	6.9%	19.1%	6.0%	4.2%	8.4%	17.2%
Enterprise value	€2.6B	€2.6B	€3.2B	€2.3B	€3.9B	€3.6B	€2.5B	€1.9B
Net debt / EBITDA	3.79×	3.4×	1.13×	0.41×	-0.67×	-0.72×	-0.36×	-0.44×
Cash conversion cycle (days)	59	49	-6	37	74	71	57	82