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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
-84.4%
€0.75
vs €4.78 price
Levered DCF
-€2.11
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
0.78
Distress zone
Rating
C-
Overall 1 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-41.33×65.02×-233.55×64.62×67.69×-945.95×11.25×77.78×
P/B2.67×1.81×20.5×22.25×35.7×63.93×15.61×-59.98×
P/S12.64×6.27×7.51×9.13×9.9×7.4×1.74×3.45×
EV / EBITDA-486.72×625.93×146.7×57.61×64.06×192.41×20.6×67.63×
Gross margin31.4%32.0%29.6%30.2%31.0%33.0%33.1%29.7%
Operating margin-16.9%0.9%5.9%13.2%15.3%6.2%16.5%8.3%
Net margin-30.4%9.6%-3.2%14.2%14.4%-0.8%15.3%4.4%
Current ratio0.78×0.81×0.86×0.87×0.83×0.76×0.74×0.64×
Debt / equity0.87×0.82×5.74×5×7.89×17.55×15.87×-41.21×
Interest coverage-1.38×0.06×0.66×4.08×5.02×2.36×7.07×2.85×
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-6.4%2.8%-8.8%34.7%52.1%-6.8%137.3%-77.1%
Return on invested capital-1.7%-0.1%2.1%5.1%6.0%-3.8%8.6%3.5%
Return on assets-3.0%1.3%-1.2%5.3%5.3%-0.3%7.5%1.7%
Free cash flow yield1.2%-3.6%-1.1%0.1%0.2%-0.3%-6.7%-6.8%
Earnings yield-2.4%1.5%-0.4%1.6%1.5%-0.1%8.8%1.3%
Enterprise value€8.2M€6.5M€9M€10.3M€10.7M€8.9M€3.6M€4.2M
Net debt / EBITDA-115.12×192.75×30.1×9.95×10.71×39.12×10.2×26.73×
Cash conversion cycle (days)1,4361,072806669777678570611