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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
-79.0%
€0.25
vs €1.17 price
Levered DCF
-€0.81
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
-0.31
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-2.92×-11.11×-22.67×11.1×3.34×-223.87×-38.86×-12.65×
P/B1.89×2.23×2.11×1.92×1.65×6.07×6.5×10.1×
P/S32.71×87.64×191.78×1.38×1.18×11.05×21.14×56.33×
EV / EBITDA-4.01×-12.73×-23×10.11×5.12×-2,720.59×-42.99×-13×
Gross margin-96.3%1.6%-8.2%-61.6%30.0%20.3%6.2%-244.0%
Operating margin-1052.3%-459.8%-699.5%11.7%36.5%24.9%14.5%-450.2%
Net margin-1117.8%-787.5%-842.6%12.6%23.9%-4.9%-56.1%-450.4%
Current ratio11.67×16.31×17.75×67.48×11.13×0×0×1,154.33×
Debt / equity0.56×0.34×0.27×0.23×0.2×0×0×0×
Interest coverage-47.6×-13.76×-15.89×28.46×74,543.16×0×8,422.92×0×
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-64.5%-20.1%-9.3%17.4%33.1%-2.7%-17.2%-80.7%
Return on invested capital-37.3%-8.3%-4.8%7.8%33.3%13.5%3.9%-72.0%
Return on assets-36.5%-13.8%-6.5%8.3%24.3%-2.7%-15.2%-72.0%
Free cash flow yield0.0%0.0%0.0%-14.6%0.0%0.0%0.0%0.0%
Earnings yield-34.2%-9.0%-4.4%9.1%20.1%-0.4%-2.7%-8.0%
Enterprise value€13.1M€22.2M€22.3M€19.6M€16.6M€12.6M€12.6M€11.4M
Net debt / EBITDA-0.89×-1.34×-2.24×-0.51×-1.24×0×0×0×
Cash conversion cycle (days)9,15716,49238,79398-53000