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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
+111.0%
€0.82
vs €0.39 price
Levered DCF
-€2.11
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
2.44
Grey 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-1.1×-1.23×-2.18×-1.87×-44.69×-6.72×-14.43×-23.79×
P/B0.31×0.35×0.56×0.8×0.99×1.15×9.33×2.22×
P/S0.07×0.1×0.19×0.22×0.36×0.38×0.35×0.25×
EV / EBITDA6.23×-11.11×10.39×-4.59×4.23×-151.23×24.84×6.01×
Gross margin30.2%31.1%31.1%28.4%28.2%28.9%32.6%31.8%
Operating margin-1.0%-4.2%-0.7%-0.5%1.6%1.3%1.8%2.6%
Net margin-6.5%-8.1%-8.9%-12.0%-0.8%-5.7%-2.4%-1.1%
Current ratio1.78×2×2.04×1.97×2.24×2.77×1.62×1.82×
Debt / equity0.67×0.48×0.21×0.13×0.12×0.14×3.93×1.13×
Interest coverage-0.31×-2.4×-0.21×-0.5×2.07×0.82×0.95×1.44×
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-28.0%-28.5%-25.8%-42.9%-2.2%-17.2%-63.9%-9.5%
Return on invested capital-1.2%-4.8%-0.8%-0.8%-26.6%1.4%2.4%-3.1%
Return on assets-5.6%-6.7%-7.5%-12.7%-0.7%-4.4%-2.3%-1.0%
Free cash flow yield41.1%-43.8%-28.8%-31.9%-22.7%-28.4%11.0%-15.0%
Earnings yield-91.3%-82.2%-45.8%-53.5%-2.2%-15.0%-6.8%-4.3%
Enterprise value€155.8M€199.9M€228.5M€344.2M€300.4M€151.2M€993.7M€702.6M
Net debt / EBITDA3.12×-4.89×0.27×0.97×-4.58×503×5.48×1.23×
Cash conversion cycle (days)187178167165130137158177