Wüstenrot & Württembergische AG (WUW.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

+249.5%

€45.71

vs €13.08 price

Levered DCF

-€568.70

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.17

Distress zone

Rating

C+

Overall 2 / 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	11.27×	32.33×	8.96×	6.15×	4.72×	7.37×	7.31×	6.87×
P/B	0.28×	0.22×	0.25×	0.3×	0.34×	0.31×	0.38×	0.35×
P/S	0.24×	0.18×	0.21×	0.34×	0.21×	0.23×	0.26×	0.26×
EV / EBITDA	21.23×	38.36×	21.03×	16.85×	6.39×	8.81×	7.13×	4.76×
Gross margin	96.2%	96.5%	94.8%	92.4%	89.4%	88.8%	89.4%	87.8%
Operating margin	3.7%	0.5%	3.4%	7.4%	6.2%	4.5%	5.0%	5.6%
Net margin	2.1%	0.6%	2.3%	5.5%	4.5%	3.1%	3.5%	3.7%
Current ratio	-0.54×	0×	116.69×	24.73×	37×	1.57×	1.56×	0×
Debt / equity	1.67×	1.04×	1.17×	1.09×	0.97×	1.2×	1.2×	0.76×
Interest coverage	0×	0×	0×	0×	1.12×	0.65×	0.57×	0.55×
Dividend yield	4.5%	5.6%	4.9%	4.2%	3.7%	3.9%	3.4%	4.1%
Payout ratio	50.4%	179.4%	43.8%	25.9%	17.4%	29.0%	24.5%	28.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.5%	0.7%	2.8%	4.8%	7.2%	4.2%	5.2%	5.1%
Return on invested capital	0.2%	0.0%	0.2%	0.4%	0.5%	0.3%	0.4%	0.2%
Return on assets	0.2%	0.0%	0.2%	0.4%	0.5%	0.3%	0.3%	0.3%
Free cash flow yield	-142.7%	24.3%	-14.3%	-162.9%	-55.1%	17.8%	51.0%	-53.4%
Earnings yield	8.9%	3.1%	11.2%	16.3%	21.2%	13.6%	13.7%	14.5%
Enterprise value	€8.5B	€5.2B	€6B	€6.6B	€6.3B	€7.5B	€7.5B	€4.6B
Net debt / EBITDA	17.83×	30.29×	16.64×	13.16×	4.71×	7×	5.41×	3.23×
Cash conversion cycle (days)	175	95	-27,304	-1,009	-10,017	-377	-10,500	-12,107