WashTec AG (WSU.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

+91.2%

€63.86

vs €33.40 price

Levered DCF

€74.57

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

3.35

Safe 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	20.79×	17.5×	15.38×	17.51×	23.71×	44.09×	32.35×	23.5×
P/B	7.77×	6.14×	5.02×	5.24×	7.48×	6.07×	8.51×	8.37×
P/S	1.28×	1.14×	0.88×	0.96×	1.71×	1.54×	1.65×	1.83×
EV / EBITDA	10.79×	9.73×	8.31×	9.52×	12.47×	14.39×	14.43×	13×
Gross margin	30.4%	31.0%	27.9%	26.8%	29.4%	56.4%	55.5%	57.2%
Operating margin	9.6%	9.5%	8.6%	7.8%	10.5%	5.0%	8.3%	11.7%
Net margin	6.2%	6.5%	5.7%	5.5%	7.2%	3.5%	5.1%	7.8%
Current ratio	0.96×	1.02×	1.03×	1.09×	1.2×	1.17×	1×	1.12×
Debt / equity	0.85×	0.74×	0.68×	0.67×	0.34×	0.41×	0.81×	0.23×
Interest coverage	17.18×	12.57×	11.42×	29.68×	46.62×	13.23×	24.23×	32.52×
Dividend yield	5.0%	5.4%	6.8%	8.4%	4.2%	0.0%	4.6%	4.1%
Payout ratio	104.7%	94.9%	105.3%	147.3%	99.0%	0.0%	147.3%	96.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	37.4%	35.1%	32.6%	29.9%	31.6%	13.8%	26.3%	35.7%
Return on invested capital	18.9%	19.7%	19.4%	16.3%	20.8%	8.7%	12.8%	24.8%
Return on assets	10.7%	11.1%	10.3%	9.3%	11.6%	5.5%	8.1%	14.3%
Free cash flow yield	6.1%	7.6%	10.2%	3.1%	5.6%	7.1%	2.0%	3.6%
Earnings yield	4.8%	5.7%	6.5%	5.7%	4.2%	2.3%	3.1%	4.3%
Enterprise value	€689M	€589.6M	€472.1M	€506.9M	€751.7M	€603.5M	€775M	€809M
Net debt / EBITDA	0.82×	0.76×	0.74×	0.85×	0.26×	0.46×	1.05×	0.16×
Cash conversion cycle (days)	100	97	83	122	121	134	115	104