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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
+125.3%
€5.81
vs €2.58 price
Levered DCF
€3.99
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
—
Rating
B
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E6.69×-3.94×-14.62×3.15×-5.59×9.59×20.66×10.52×
P/B0.59×0.76×0.79×1.3×5.35×4.39×8.92×4.95×
P/S0.41×0.42×0.6×0.89×1.92×4.98×3.16×2.98×
EV / EBITDA-14.05×3.12×-13.3×0.97×3.66×14.22×9.25×7.57×
Gross margin0.0%100.0%48.2%63.5%71.5%56.2%95.5%81.8%
Operating margin0.1%-9.9%-8.8%-1.2%17.6%36.5%28.7%30.5%
Net margin6.2%-10.7%-4.2%28.3%-34.3%51.8%15.3%28.3%
Current ratio1.79×1.51×1.93×2×1.17×2.07×1.71×2.94×
Debt / equity0.04×0.06×0.06×0.06×0.1×0.05×0.08×0×
Interest coverage0.25×-42.48×-4.38×-0.84×34.66×129.24×218.99×0×
Dividend yield0.0%0.0%0.0%0.0%19.3%6.3%12.3%15.3%
Payout ratio0.0%0.0%0.0%0.0%-107.6%60.3%253.9%161.4%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity9.0%-19.4%-5.5%41.1%-95.7%45.8%43.1%47.1%
Return on invested capital0.1%-16.8%-8.6%1.0%41.5%25.1%40.5%47.1%
Return on assets4.6%-8.5%-2.7%19.0%-21.5%24.5%18.9%31.6%
Free cash flow yield-9.6%4.6%0.6%-15.9%9.4%7.6%7.4%7.0%
Earnings yield15.1%-25.6%-7.0%31.7%-17.9%10.4%4.8%9.5%
Enterprise value-€11.8M-€5.7M-€11.4M€4.1M€50.8M€174.3M€324.9M€274.4M
Net debt / EBITDA-31.9×12.57×-38.5×-7.94×-2.91×-4.02×-1.32×-1.9×
Cash conversion cycle (days)36-5-3833-20190-2676