secunet Security Networks AG (YSN.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

-41.9%

€137.65

vs €237.00 price

Levered DCF

€141.39

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

5.33

Safe zone

Rating

B+

Overall 3 / 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	36×	26.94×	32.37×	40.58×	62.09×	45.67×	40.7×	32.92×
P/B	7.18×	5×	6.86×	9.96×	20.65×	15.67×	11.69×	8.53×
P/S	2.61×	1.85×	2.4×	3.66×	7.92×	5.62×	3.99×	3.61×
EV / EBITDA	14.98×	11.89×	15.31×	20.42×	34.86×	25.52×	21.57×	18.37×
Gross margin	23.2%	23.9%	22.2%	26.0%	30.1%	28.3%	24.5%	29.2%
Operating margin	11.4%	10.5%	10.2%	13.6%	18.9%	18.1%	14.6%	16.5%
Net margin	7.3%	6.9%	7.4%	9.0%	12.8%	12.3%	9.8%	11.0%
Current ratio	1.9×	1.79×	1.71×	1.74×	2.45×	2.28×	2.13×	2.18×
Debt / equity	0.12×	0.16×	0.14×	0.15×	0.13×	0.18×	0.23×	0×
Interest coverage	59.07×	54.79×	44.98×	114.39×	216.53×	153.5×	91.48×	199.72×
Dividend yield	1.5%	2.0%	2.0%	2.7%	0.6%	0.6%	1.5%	1.3%
Payout ratio	53.0%	54.6%	63.5%	111.2%	38.1%	28.7%	59.3%	43.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	20.0%	18.5%	21.2%	24.5%	33.3%	34.3%	28.8%	25.9%
Return on invested capital	12.2%	11.0%	12.5%	14.7%	22.5%	22.0%	17.8%	20.2%
Return on assets	8.1%	7.8%	8.9%	9.9%	15.7%	14.6%	11.9%	12.3%
Free cash flow yield	4.5%	6.2%	4.6%	-0.7%	1.8%	2.9%	2.5%	0.2%
Earnings yield	2.8%	3.7%	3.1%	2.5%	1.6%	2.2%	2.5%	3.0%
Enterprise value	€1.1B	€719.5M	€922.4M	€1.3B	€2.6B	€1.5B	€858.8M	€533.9M
Net debt / EBITDA	-0.89×	-0.55×	-0.37×	-0.04×	-1.38×	-1.39×	-1.18×	-1.93×
Cash conversion cycle (days)	97	95	104	132	78	72	63	89