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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
+36.0%
€14.28
vs €10.50 price
Levered DCF
€15.52
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
4.66
Safe zone
Rating
A
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E11.71×8.03×20.33×11.64×13.61×12.79×14.6×15.33×
P/B1.5×1.06×1.24×1.9×4.17×3.8×2.08×1.69×
P/S1.13×0.79×0.87×1.2×1.81×1.86×1.42×1.24×
EV / EBITDA5.01×2.98×4.03×5×7.19×6.4×6.81×5.67×
Gross margin22.2%19.6%24.3%23.1%25.1%28.9%25.8%29.3%
Operating margin13.8%12.0%6.6%17.1%19.4%21.3%13.5%11.6%
Net margin9.6%9.8%4.3%10.3%13.3%14.6%9.7%8.0%
Current ratio3.18×2.74×2.65×2.49×3.01×2.66×2.41×2.47×
Debt / equity0.1×0.12×0.16×0.18×0.19×0.05×0.11×0×
Interest coverage18.49×34×27.96×8.61×68.3×70.01×15.78×7.86×
Dividend yield6.1%6.0%8.2%6.9%3.2%0.4%4.3%5.7%
Payout ratio71.3%48.0%166.8%80.0%44.1%5.4%63.6%87.7%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity12.8%13.2%6.1%16.3%30.6%29.8%14.3%10.9%
Return on invested capital10.6%9.4%3.9%14.0%23.2%26.3%11.2%10.4%
Return on assets9.6%8.7%4.0%9.9%18.9%19.6%9.6%8.2%
Free cash flow yield4.2%16.1%12.1%-0.8%4.4%7.8%1.7%4.8%
Earnings yield8.5%12.5%4.9%8.6%7.3%7.8%6.8%6.5%
Enterprise value€52.1M€30.4M€37.8M€66.9M€144.4M€101.7M€40.3M€25.8M
Net debt / EBITDA-0.99×-1.18×-0.91×-0.47×-0.56×-1×-0.95×-2.06×
Cash conversion cycle (days)8791757852678864