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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
-87.1%
€0.29
vs €2.26 price
Levered DCF
€0.04
After debt service
Piotroski score
0 / 9
Weak
Altman Z-score
0.14
Distress zone
Rating
C
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-5.28×-5.92×-6×-16.11×-62×-93×-111.27×0×
P/B1.22×1.08×0.93×2.11×2.87×10.13×35.99×0×
P/S33.31×19.93×17.02×43.25×73.65×49.7×85.58×0×
EV / EBITDA-6.31×-3.04×-1.48×-20.31×-59.51×416.51×-2,493.24×0×
Gross margin-241.5%-6.1%19.1%30.7%48.5%72.8%61.5%0.0%
Operating margin-337.4%-212.4%-175.4%-155.4%-71.7%4.0%-14.3%0.0%
Net margin-632.0%-340.8%-283.7%-266.2%-118.9%-53.4%-77.0%0.0%
Current ratio23.73×15.87×11.54×8.02×19.27×1.84×1.13×1.33×
Debt / equity0.04×0.06×0.08×0.12×0.11×0.48×0.52×0.31×
Interest coverage-103.65×-64.66×-32.93×-26.99×-10.07×0×0×0×
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-23.1%-18.5%-15.5%-13.0%-4.6%-10.9%-32.4%0.0%
Return on invested capital-11.7%-4.6%-8.8%-3.9%-2.4%0.5%-0.5%0.0%
Return on assets-21.4%-16.7%-13.6%-10.8%-3.9%-5.9%-11.2%0.0%
Free cash flow yield-7.0%-10.2%-9.7%-2.6%-1.4%-0.4%-0.5%0.0%
Earnings yield-19.0%-17.1%-16.7%-6.2%-1.6%-1.1%-0.9%0.0%
Enterprise value€43M€26.8M€12.7M€95.7M€165.4M€198.3M€199.5M-€72K
Net debt / EBITDA4.81×3.43×5.21×11.42×20.93×-0.23×-13.65×0×
Cash conversion cycle (days)76-857383-930