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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
+277.7%
€7.12
vs €1.89 price
Levered DCF
€7.82
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
3.52
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/E-1,366.67×23.04×357.69×-4.43×-43.96×59.31×-6.96×235.37×
P/B2.4×1.77×1.96×1.74×1.86×2.65×2.23×2.58×
P/S2.17×1.65×1.77×1.87×2.73×3.34×4.12×3.4×
EV / EBITDA11.36×6.28×10.33×32.07×25.27×30.36×-50.8×23.83×
Gross margin80.6%90.8%78.8%80.3%79.2%78.2%94.5%84.0%
Operating margin0.6%6.2%-0.3%-24.0%-17.4%30.4%-33.7%1.3%
Net margin-0.2%7.2%0.5%-41.7%-6.2%5.6%-59.8%1.4%
Current ratio1.77×1.71×1.17×2.2×1.66×6.96×9.14×13×
Debt / equity0.03×0.08×0.11×0.15×0.12×0.12×0×0×
Interest coverage7.12×26.95×-6.64×-97.76×-63.28×468×0×3.55×
Dividend yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Payout ratio0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-0.2%7.7%0.6%-38.9%-4.2%4.5%-32.3%1.1%
Return on invested capital-0.1%6.0%0.4%-21.6%-5.2%-18.3%-17.9%1.0%
Return on assets-0.1%5.3%0.5%-31.9%-3.5%3.8%-30.5%1.0%
Free cash flow yield5.8%22.6%8.9%4.9%8.6%1.2%2.0%-1.4%
Earnings yield-0.1%4.4%0.3%-22.3%-2.3%1.7%-14.5%0.4%
Enterprise value€6.7M€4.7M€5.5M€4.8M€6.9M€10.3M€7.7M€10M
Net debt / EBITDA-0.48×-0.66×0.33×1.01×-0.22×0.03×3.53×-0.07×
Cash conversion cycle (days)2-159395079111294121