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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
+207.3%
€17.67
vs €5.75 price
Levered DCF
€20.81
After debt service
Piotroski score
8 / 9
Strong
Altman Z-score
5.99
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/E22.9×20×19.55×17.33×20.31×25.78×24.21×19.29×
P/B4.82×3.72×4.02×2.91×3.37×3.36×3.53×3.32×
P/S1.55×1.23×1.22×1.07×1.44×1.23×2.16×1.88×
EV / EBITDA15.8×11.92×12.02×11.35×13.07×13.22×14.42×11.72×
Gross margin12.0%29.8%71.7%32.5%33.8%29.2%32.3%30.8%
Operating margin8.2%8.5%8.7%7.9%8.4%7.1%11.9%13.0%
Net margin6.7%6.0%6.4%6.1%6.9%4.8%8.9%9.7%
Current ratio1.47×1.43×1.44×1.05×1.78×1.61×3.95×3.84×
Debt / equity0.1×0.23×0.35×0.61×0.1×0.24×0.02×0.02×
Interest coverage26.09×18.46×18.26×22.2×15.35×8.62×49.35×103.74×
Dividend yield1.0%1.2%1.1%1.4%1.3%1.2%1.5%1.6%
Payout ratio22.5%24.9%20.6%24.8%27.4%31.6%36.0%30.6%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity20.8%18.2%20.9%16.6%16.2%13.0%14.6%17.2%
Return on invested capital17.6%14.7%16.3%10.6%15.7%11.8%14.5%17.2%
Return on assets11.4%9.2%10.0%7.1%10.3%7.6%11.4%13.4%
Free cash flow yield4.3%6.1%4.4%10.0%6.0%7.6%4.3%3.0%
Earnings yield4.3%4.9%5.2%5.7%4.8%3.9%4.1%5.2%
Enterprise value€471.6M€308.7M€297M€186.4M€168.9M€155.8M€133M€114.4M
Net debt / EBITDA-0.52×-0.27×0.08×0.48×-0.96×-0.32×-2.13×-1.6×
Cash conversion cycle (days)9210374998167113114