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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
+59.6%
€10.85
vs €6.80 price
Levered DCF
€5.71
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
2.51
Grey zone
Rating
C
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-4.13×11.69×16.71×5.23×5.2×-22.79×-133.5×10.68×
P/B0.43×0.3×0.42×0.53×0.72×0.66×0.61×0.73×
P/S0.13×0.09×0.13×0.14×0.22×0.23×0.18×0.21×
EV / EBITDA3.93×2.82×3.48×3.35×3.11×6.74×6.35×4.53×
Gross margin9.7%9.0%8.6%9.9%12.1%7.1%21.4%22.5%
Operating margin1.0%2.4%2.3%4.5%6.9%-0.0%0.6%3.6%
Net margin-3.1%0.8%0.8%2.7%4.2%-1.0%-0.1%1.9%
Current ratio1.31×1.53×1.7×1.54×1.73×1.32×1.32×1.68×
Debt / equity0.49×0.46×0.49×0.58×0.54×0.58×0.71×0.47×
Interest coverage1.31×3.25×2.5×10.15×11.82×-0.04×0.94×6.14×
Dividend yield2.3%2.9%2.1%0.0%0.0%0.0%0.0%3.1%
Payout ratio-9.6%35.0%35.3%0.0%0.0%0.0%0.0%33.2%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-10.3%2.5%2.6%10.1%13.8%-2.9%-0.4%6.7%
Return on invested capital1.5%2.4%2.2%6.4%8.2%-0.0%-0.1%4.4%
Return on assets-4.1%1.0%1.2%4.4%5.7%-1.2%-0.2%3.0%
Free cash flow yield23.5%12.1%35.3%-14.3%-4.4%10.8%10.4%-20.6%
Earnings yield-24.3%8.4%6.1%19.1%19.2%-4.4%-0.7%9.3%
Enterprise value€271.8M€258.3M€307.4M€414.1M€408.7M€326.1M€334.2M€335.4M
Net debt / EBITDA1.62×1.44×1.51×1.54×1.12×2.53×2.57×1.39×
Cash conversion cycle (days)7176626973514365