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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
-67.2%
€10.64
vs €32.49 price
Levered DCF
€0.45
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
4.48
Safe zone
Rating
B-
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E22.78×16.19×28.71×30.3×21.02×46.03×29.41×21.37×
P/B2.14×2.02×5.36×4.57×3.38×3.22×2.06×2.29×
P/S3.51×2.71×6.61×6.54×4.67×5.93×3.67×3.64×
EV / EBITDA17.02×11.27×24.02×25.64×17.15×31.56×13.73×14.61×
Gross margin39.7%41.5%44.3%42.2%42.3%40.2%41.9%43.8%
Operating margin16.5%20.7%24.9%22.6%23.1%12.9%15.0%15.4%
Net margin15.3%16.8%23.0%21.7%22.3%13.0%12.6%17.1%
Current ratio5.61×4.12×3.12×3.02×4.05×4.32×4.37×3.62×
Debt / equity0.01×0.01×0.01×0.01×0.01×0.01×0.01×0×
Interest coverage115.26×305.9×764.72×294.09×354.76×334.9×272.71×4,607.33×
Dividend yield0.9%2.6%0.8%1.1%0.6%0.0%0.0%0.0%
Payout ratio19.8%42.4%24.0%33.5%12.9%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity9.4%12.5%18.7%15.1%16.2%7.0%7.1%10.7%
Return on invested capital8.5%12.3%18.3%14.8%18.6%7.7%7.7%9.6%
Return on assets8.2%10.4%14.1%11.1%12.9%5.9%5.8%8.5%
Free cash flow yield9.3%-4.2%-2.6%0.2%-1.5%-3.0%3.7%0.4%
Earnings yield4.4%6.2%3.5%3.3%4.8%2.2%3.4%4.7%
Enterprise value€1.9B€1.7B€4.1B€2.9B€1.9B€1.4B€686.3M€743.4M
Net debt / EBITDA-0.92×-0.4×-0.55×-0.85×-1.36×-4.12×-5.35×-4.64×
Cash conversion cycle (days)380442442347226217190172