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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
-61.0%
€17.80
vs €45.58 price
Levered DCF
-€0.86
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
3.99
Safe zone
Rating
C+
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E37.96×17.31×22.3×25.77×36.86×33.01×19.36×12.51×
P/B4.05×2.8×3.23×3.87×4.89×5.08×2.9×1.54×
P/S1.59×1.09×1.1×1.35×1.74×1.61×0.84×0.45×
EV / EBITDA17.54×8.84×11.5×14.46×22.88×19.1×10.34×5.64×
Gross margin17.4%39.2%36.3%36.7%36.7%35.2%33.6%34.5%
Operating margin7.0%8.9%7.8%18.5%18.1%17.3%6.2%5.6%
Net margin4.2%6.3%4.9%5.2%4.7%4.9%4.4%3.6%
Current ratio2.14×2.1×2.53×2.27×2.58×2.33×2.13×2.95×
Debt / equity0.15×0.05×0.07×0.06×0.06×0.07×0.15×0.12×
Interest coverage24.97×45.54×45.98×150.24×157.58×107.23×36.26×25.7×
Dividend yield0.6%0.7%0.6%0.5%0.4%0.5%1.0%2.0%
Payout ratio21.4%12.9%14.0%13.7%16.0%16.7%19.3%24.8%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity10.7%16.2%14.5%15.1%13.3%15.3%15.0%12.3%
Return on invested capital8.6%13.5%12.1%29.8%29.7%32.3%10.5%8.4%
Return on assets5.5%8.5%7.9%7.7%7.4%8.2%7.3%6.0%
Free cash flow yield-7.6%9.7%0.9%-1.0%0.9%1.8%-1.3%-2.5%
Earnings yield2.6%5.8%4.5%3.9%2.7%3.0%5.2%8.0%
Enterprise value€643.5M€366.9M€395.8M€413.5M€448.2M€392.2M€198.8M€87.7M
Net debt / EBITDA0.28×-1.04×-0.12×-0.25×-0.75×-0.27×-0.01×-0.41×
Cash conversion cycle (days)203222244273236223181239