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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
+245.9%
€79.55
vs €23.00 price
Levered DCF
€17.24
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
3.22
Safe zone
Rating
A-
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E9.86×11.31×13.03×10.28×13.68×19.17×15.96×13.84×
P/B1.66×1.17×1.28×1.37×2.02×1.8×2.52×2.22×
P/S0.49×0.38×0.41×0.4×0.59×0.74×0.73×0.61×
EV / EBITDA8.24×8×8.2×8.23×10.32×16.25×10.65×10.35×
Gross margin15.5%14.5%14.0%12.5%13.0%13.2%10.4%16.7%
Operating margin7.8%5.9%5.6%6.0%6.4%6.2%6.6%6.4%
Net margin5.0%3.3%3.1%3.8%4.3%3.8%4.6%4.4%
Current ratio1.73×2.02×2.47×1.94×1.6×1.69×1.76×1.7×
Debt / equity0.88×0.58×0.53×0.73×0.96×1.02×0.41×0.48×
Interest coverage6.85×4.69×4.2×7.53×10.51×14.84×9.66×10.68×
Dividend yield5.3%6.6%6.9%5.5%0.0%5.2%4.8%6.3%
Payout ratio52.7%75.3%89.4%56.9%0.0%100.3%76.8%87.1%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity16.8%10.3%9.8%13.3%14.8%9.4%15.8%16.1%
Return on invested capital10.3%8.4%8.2%8.7%8.1%5.4%12.0%11.7%
Return on assets7.4%5.2%5.3%6.4%6.2%3.8%8.9%8.7%
Free cash flow yield-11.1%4.5%25.3%11.7%-6.0%5.7%10.0%3.3%
Earnings yield10.1%8.8%7.7%9.7%7.3%5.2%6.3%7.2%
Enterprise value€1.1B€761.8M€727.6M€860.7M€1.1B€811.3M€594.3M€521.3M
Net debt / EBITDA2.83×2.62×2.37×2.84×3.31×5.83×1.48×1.82×
Cash conversion cycle (days)168136123135153196101113