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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
-320.9%
-€3.05
vs €1.38 price
Levered DCF
-€4.14
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
-0.98
Distress 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-7.47×-3.43×-1.34×-3.14×-5.45×-1.14×-0.61×-4.1×
P/B2.27×1.2×0.63×0.63×1.15×0.99×0.63×0.9×
P/S1.58×1.03×0.6×0.7×1.21×1.1×1.02×2.92×
EV / EBITDA-31.77×-10.2×-3.18×-7×-34.07×-2.54×-1.87×-4.72×
Gross margin86.4%87.5%84.8%91.8%19.1%-23.2%90.3%95.5%
Operating margin-20.0%-22.3%-45.0%-29.4%-32.4%-89.5%-81.9%-75.4%
Net margin-20.8%-29.7%-44.7%-22.3%-20.7%-95.8%-165.6%-71.1%
Current ratio2.07×1.96×1.81×2.03×2.1×2.1×3.12×4.22×
Debt / equity0.11×0.16×0.49×0.25×0.4×0.42×0.13×0.02×
Interest coverage0×-16.08×-31.14×-9.11×-7.88×-24.61×-88.25×-271.07×
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-29.9%-34.7%-47.2%-20.0%-19.7%-86.8%-103.0%-22.0%
Return on invested capital0.0%-21.1%-30.7%-14.5%-18.5%-53.3%-41.3%-21.5%
Return on assets-18.9%-22.9%-26.3%-12.7%-11.0%-45.4%-73.9%-18.2%
Free cash flow yield-10.9%-11.6%-49.4%-29.6%-20.3%-40.0%-62.5%-25.7%
Earnings yield-13.2%-29.0%-74.4%-31.9%-17.1%-87.4%-162.9%-24.4%
Enterprise value€20.1M€12.2M€10.9M€11M€17.7M€13.7M€11.5M€27.8M
Net debt / EBITDA-0.51×0.29×-1.17×-1.87×-5.72×-0.64×0.06×0.62×
Cash conversion cycle (days)5224965652,3162842292,0685,726