Wolftank-Adisa Holding AG (WOLF.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

-5180.2%

-€193.05

vs €3.80 price

Levered DCF

-€13.26

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.36

Distress 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	FY2018
P/E	-9.81×	41.05×	-14.54×	-29.53×	-27.46×	-8.48×	22.96×	20.28×
P/B	1.93×	2.37×	2.72×	3.12×	3.6×	1.62×	2.99×	5.03×
P/S	0.22×	0.34×	0.55×	0.89×	1.81×	0.53×	67.61×	51.47×
EV / EBITDA	94.73×	11.64×	7.39×	15.43×	71.14×	76.78×	12.13×	28.87×
Gross margin	9.5%	35.8%	20.9%	15.2%	35.0%	28.4%	-8130.5%	33.4%
Operating margin	-4.2%	0.7%	4.5%	0.1%	-6.0%	-5.8%	219.3%	-19.0%
Net margin	-2.3%	0.8%	-3.8%	-3.0%	-6.6%	-6.3%	295.9%	255.9%
Current ratio	1.13×	1.2×	1.1×	1.51×	1.25×	0.96×	46×	24.49×
Debt / equity	2.54×	1.68×	1.56×	0.7×	0.58×	0.46×	0.12×	2.69×
Interest coverage	-2.53×	0.4×	2.03×	0.07×	-2.22×	-2.51×	9.77×	-0.93×
Dividend yield	2.5%	0.0%	10.6%	0.0%	0.0%	0.0%	0.1%	0.0%
Payout ratio	-25.1%	0.0%	-153.8%	0.0%	0.0%	0.0%	2.2%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-19.5%	5.8%	-18.7%	-10.5%	-13.2%	-19.3%	13.1%	25.0%
Return on invested capital	-7.4%	0.6%	1.5%	0.1%	-7.5%	-6.5%	4.7%	-0.7%
Return on assets	-2.3%	0.9%	-3.0%	-3.0%	-4.8%	-4.3%	10.1%	16.9%
Free cash flow yield	-0.9%	3.2%	-4.0%	-4.1%	3.1%	7.7%	-9.6%	3.3%
Earnings yield	-10.1%	2.4%	-6.9%	-3.4%	-3.7%	-11.9%	4.4%	5.0%
Enterprise value	€48.3M	€60.5M	€63.1M	€55.4M	€86.1M	€23.7M	€36.2M	€44.3M
Net debt / EBITDA	40.81×	3.72×	1.82×	-0.08×	4.53×	16.26×	-0.02×	10.02×
Cash conversion cycle (days)	58	54	83	60	37	307	13,322	-15,035