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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
-2035.0%
-€16.60
vs €0.86 price
Levered DCF
-€32.31
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
1.49
Distress zone
Rating
B-
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E38.33×-3.52×-4.35×-6.44×-4.16×-8.35×261.67×-0.94×
P/B1.54×0.82×0.88×1.05×1.01×1.13×1.35×0.55×
P/S10.9×21.52×98.31×9.31×79.78×4.1×2.36×1.55×
EV / EBITDA14.07×-1.92×-1.71×-3.79×-3.89×-9.97×-21.29×-3.14×
Gross margin36.0%-129.9%-262.9%-32.3%-1058.2%-11.5%-14.2%-43.5%
Operating margin-100.0%-584.2%-2370.0%-114.8%-1958.2%-35.5%-15.9%-159.8%
Net margin28.4%-614.9%-2257.1%-144.5%-1915.7%-49.1%0.9%-166.5%
Current ratio1.62×15.91×12.2×11.68×5.56×3.62×1.91×2.78×
Debt / equity0.9×0.02×0.02×0.02×0.01×0.14×0.29×0.43×
Interest coverage-5.69×-78.22×-331.8×-152.38×-90.48×0×-10.95×-74.72×
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 equity4.0%-23.4%-20.2%-16.3%-24.3%-13.5%0.5%-58.8%
Return on invested capital-5.5%-21.8%-20.6%-12.7%-24.3%-8.4%0.4%-35.9%
Return on assets1.6%-21.9%-18.4%-14.9%-20.7%-9.8%0.3%-29.0%
Free cash flow yield0.0%-32.0%-22.6%-10.0%-7.3%16.3%3.1%22.1%
Earnings yield2.6%-28.6%-23.0%-15.5%-24.0%-12.0%0.4%-107.4%
Enterprise value€15.3M€2.6M€2.5M€3.9M€6.3M€10.9M€21.4M€9.3M
Net debt / EBITDA4.75×1.96×3.02×5.79×2.75×3.55×-1.28×-0.4×
Cash conversion cycle (days)6341,0289,73285111,125641492425