Zumtobel Group AG (ZAG.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

+437.5%

€20.69

vs €3.85 price

Levered DCF

€10.32

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.48

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	124.57×	12.86×	10.49×	5.22×	6.51×	7.95×	19.06×	-18.37×
P/B	0.36×	0.46×	0.61×	0.74×	0.78×	1.19×	0.92×	1.06×
P/S	0.15×	0.18×	0.23×	0.26×	0.26×	0.35×	0.23×	0.24×
EV / EBITDA	3.95×	3.77×	3.12×	3.02×	3.57×	4.24×	4.24×	9.29×
Gross margin	41.7%	35.6%	34.7%	34.7%	33.2%	32.3%	32.1%	30.3%
Operating margin	1.7%	3.0%	4.4%	6.5%	5.3%	4.2%	3.1%	0.2%
Net margin	0.1%	1.4%	2.2%	4.9%	4.0%	4.3%	1.2%	-1.3%
Current ratio	1.44×	1.36×	1.17×	1.39×	1.32×	1.2×	1.24×	1.09×
Debt / equity	0.43×	0.37×	0.33×	0.35×	0.41×	0.51×	0.85×	0.71×
Interest coverage	1.7×	2.31×	3.02×	7.18×	7.41×	5.25×	3.4×	0.27×
Dividend yield	4.2%	5.4%	6.7%	4.8%	2.9%	1.2%	0.0%	0.0%
Payout ratio	519.3%	68.8%	70.2%	25.4%	18.9%	9.6%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	0.3%	3.7%	5.8%	14.2%	11.9%	14.7%	4.8%	-5.8%
Return on invested capital	0.2%	4.5%	5.0%	10.0%	8.5%	6.8%	3.3%	0.4%
Return on assets	0.1%	1.6%	2.5%	5.9%	4.5%	4.8%	1.3%	-1.7%
Free cash flow yield	4.3%	9.2%	20.0%	16.5%	4.1%	28.2%	19.7%	2.3%
Earnings yield	0.8%	7.9%	9.5%	19.0%	15.3%	12.3%	5.3%	-5.5%
Enterprise value	€282.4M	€317.2M	€336.3M	€401.4M	€395.1M	€454.5M	€421.2M	€427M
Net debt / EBITDA	1.82×	1.43×	0.73×	0.67×	0.88×	0.85×	1.67×	3.25×
Cash conversion cycle (days)	105	97	93	97	93	69	79	68