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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
-3001.2%
-€258.20
vs €8.90 price
Levered DCF
-€201.28
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
1.67
Distress zone
Rating
B-
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-19.29×52.27×14.29×10.88×8.43×-361.22×172.73×-24.36×
P/B1.02×1.02×1.38×2.16×2.83×21.81×20.57×24.83×
P/S0.54×1.28×1.39×1.55×1.11×2.35×1.59×2.28×
EV / EBITDA-19.48×27.45×6.12×5.02×5.24×32.67×33.22×-104.62×
Gross margin20.3%46.2%50.6%44.2%37.0%43.3%30.8%32.0%
Operating margin-4.7%-0.5%9.5%19.1%13.1%-1.7%-1.3%-9.4%
Net margin-3.7%2.4%9.7%14.3%13.2%-0.7%0.9%-9.3%
Current ratio0.79×3.67×4.85×3.01×2.54×2.71×1.16×1.74×
Debt / equity0.53×0.45×0.16×0.2×0.5×5.22×2.31×3.82×
Interest coverage-20.68×-0.19×16.91×14.9×42.19×-2.55×-2.52×-8.92×
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-6.9%1.9%9.7%19.8%33.6%-6.0%12.1%-101.6%
Return on invested capital-11.0%-0.2%6.9%17.1%21.6%-0.7%4.6%-14.0%
Return on assets-3.1%1.1%7.0%11.8%14.0%-0.7%1.6%-11.5%
Free cash flow yield-9.9%-56.0%-2.0%2.8%13.4%-5.8%3.6%0.0%
Earnings yield-6.8%1.9%7.0%9.2%11.8%-0.3%0.6%-4.1%
Enterprise value€16.3M€17.4M€13.9M€21.6M€13.3M€16.9M€16.1M€16.7M
Net debt / EBITDA-2.17×1.1×-3.72×-2.22×-1.27×4.42×3.03×-12.73×
Cash conversion cycle (days)169214164149851784483