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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
-31.9%
€16.96
vs €24.90 price
Levered DCF
€6.39
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
7.63
Safe zone
Rating
B+
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E14.92×21.81×60.93×52.86×39.23×-3.71×-1.8×-3.01×
P/B3.78×2.33×2.6×2.22×1.6×1.06×0.95×1.46×
P/S2.79×1.01×1.11×1.16×0.39×0.74×0.89×1.33×
EV / EBITDA9.81×5.64×15.76×12×8.71×46.85×-3.79×-4.73×
Gross margin76.9%55.2%48.2%29.1%15.6%42.0%35.9%12.5%
Operating margin22.8%17.3%4.8%4.7%1.5%-0.0%-77.1%-42.7%
Net margin18.7%4.6%1.8%2.2%1.0%-19.9%-49.3%-44.1%
Current ratio4.11×6.32×2×5.33×1.53×1.14×1.34×0.81×
Debt / equity0.14×0.07×0.7×0.39×0.41×0.42×0.38×0.31×
Interest coverage19.39×11.73×2.69×2.18×1.28×-0.01×-9.32×-6.83×
Dividend yield0.8%0.0%0.0%0.0%0.0%0.0%1.3%0.0%
Payout ratio11.7%0.0%0.0%0.0%0.0%0.0%-2.3%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity25.4%10.6%4.2%4.3%4.1%-28.7%-52.5%-48.2%
Return on invested capital22.4%27.0%6.8%4.1%3.8%-0.0%-51.2%-47.9%
Return on assets16.6%7.3%2.1%2.1%2.0%-13.6%-26.3%-12.1%
Free cash flow yield4.3%17.5%2.2%0.0%-7.8%1.6%6.7%45.0%
Earnings yield6.7%4.5%1.6%1.9%2.6%-27.0%-55.5%-33.1%
Enterprise value€106.3M€50.1M€65.8M€49M€35.3M€24M€28.1M€60.3M
Net debt / EBITDA-0.79×-0.53×2.65×1.14×1.17×9.18×-0.82×-0.67×
Cash conversion cycle (days)1,688531195215608918217