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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
+31.7%
€0.31
vs €0.24 price
Levered DCF
€0.67
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
0.14
Distress zone
Rating
B
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-8.6×-9.8×11.13×1.86×3.63×-3.05×-2.31×-11.24×
P/B0.8×0.66×0.99×0.84×0.75×1.96×1.99×1.35×
P/S0.54×0.58×0.68×0.45×0.41×0.9×0.92×1.05×
EV / EBITDA-8.26×27.94×5.07×1.49×7.85×-15.9×112.12×-155.92×
Gross margin-3.0%97.9%12.1%99.3%31.1%95.6%94.9%15.3%
Operating margin-7.9%-0.1%9.8%26.3%8.5%-15.6%-20.9%-7.3%
Net margin-6.3%-5.9%6.2%24.0%11.4%-29.5%-40.6%-9.3%
Current ratio1.7×3.23×2.96×3.07×1.25×0.92×0.86×2.18×
Debt / equity0.04×0.02×0.03×0.02×0.87×1.79×0.9×0.16×
Interest coverage-3.57×-0.05×4.69×22.17×2.72×-4.14×-17.79×-8.02×
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-9.3%-6.8%8.9%45.1%20.7%-64.2%-87.5%-12.0%
Return on invested capital-9.1%-0.1%8.9%33.9%1.2%-5.7%-14.7%-6.2%
Return on assets-6.0%-4.7%5.8%29.9%6.3%-11.2%-26.3%-7.0%
Free cash flow yield3.5%-16.1%6.0%33.3%37.0%-10.0%-3.1%-2.2%
Earnings yield-11.6%-10.2%9.0%53.8%27.6%-32.8%-44.0%-8.9%
Enterprise value€72.9M€72.8M€90.3M€78.5M€65.5M€102.1M€188.8M€215.2M
Net debt / EBITDA0.44×-0.52×-0.84×-0.19×3.86×-7.51×32.73×-8.91×
Cash conversion cycle (days)642,955684,94312708901167