Deep Value: cash covers about 97% of the stock price

This company holds roughly $143M in cash and investments — about 97% of its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Koenig & Bauer AG

SKB.DE

Industrial - Machinery · Industrials

Also trades as: 0G15.L

Price

€8.91

-0.29 (-3.15%)

Market Cap

€147.2M

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 12, 2026 · filings through Mar 31, 2026

Koenig & Bauer AG is a German company that makes large printing machines. These machines print things like newspapers, cardboard packaging, banknotes, and metal cans. The company sells its equipment to publishers, packaging manufacturers, and governments around the world, and it is one of the oldest printing machine makers in existence, founded in 1817.

The company earns money by selling printing presses and also by providing spare parts, maintenance, and software services to customers who already own its machines. Koenig & Bauer operates globally, with a strong base in Europe, and its long history and specialized expertise in security printing — such as currency and official documents — give it a niche position few competitors can easily replicate. However, the company faces serious pressure from the long-term decline in commercial and newspaper printing, and its very low operating margin and negative return on invested capital suggest it is still working to restructure its business toward faster-growing packaging markets.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+3.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-19.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$46M/ year

↓ Declining (-15% vs prior year)

3.5% of revenue

In line with sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

30.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~10 months

$124M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

Koenig & Bauer AG has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 16.5M (2021) → 16.5M (2025)

Score breakdown

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Quality

Gross Margin

25.3%

Modest — 25.3% gross margin

Operating Margin

-8.0%

Losing money on operations — -8.0%

ROCE

-3.6%

Weak — -3.6% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+2.9%

Nearly flat sales (+2.9% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-9.9%

Burning cash (-9.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.84

Moderate — manageable debt (0.84)

Interest Cover

1.13x

Dangerous — barely covers interest (1.1x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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