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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
-158.0%
-€0.05
vs €0.08 price
Levered DCF
-€0.11
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
0.59
Distress zone
Rating
D+
Overall 1 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-5.78×226×-40.31×-9.73×-6.62×-5.06×-2.53×126.91×
P/B2.55×1.71×2.77×1.07×1.36×1.55×1×1.11×
P/S1.54×1.28×1.72×0.78×1.28×1.46×0.99×3.08×
EV / EBITDA-41.27×11.41×43.13×53.34×-23.64×-13.42×-5.4×31.81×
Gross margin-1.4%54.4%55.2%51.9%47.1%55.0%12.0%14.2%
Operating margin-13.9%4.4%1.5%-1.0%-12.1%-23.1%-24.8%6.9%
Net margin-26.6%0.6%-4.2%-8.0%-19.2%-28.8%-39.2%2.4%
Current ratio0.8×1.18×0.95×1.13×1.47×1.01×0.87×1.27×
Debt / equity1.12×0.24×1.43×0.88×0.75×0.38×0.4×0.21×
Interest coverage-2.32×0.71×0.27×-0.25×-2.26×-6.18×-5.39×3.53×
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-44.1%0.8%-6.8%-11.0%-20.5%-30.7%-39.6%0.9%
Return on invested capital-9.2%-0.7%1.0%-0.6%-5.5%-13.5%-12.0%0.9%
Return on assets-12.4%0.3%-2.1%-3.8%-7.4%-12.6%-15.6%0.4%
Free cash flow yield-8.6%1.8%0.8%-19.6%-17.7%-12.3%-16.9%-8.5%
Earnings yield-17.3%0.5%-2.5%-10.3%-15.1%-19.8%-39.4%0.8%
Enterprise value€194.6M€131.8M€255.4M€123.9M€141.7M€144.1M€118.2M€143.4M
Net debt / EBITDA-10.59×-0.77×14.08×22.63×-6.71×-2.37×-1.39×1.95×
Cash conversion cycle (days)148806491124114140233