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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
-481.9%
-€0.38
vs €0.10 price
Levered DCF
-€0.67
After debt service
Piotroski score
1 / 9
Weak
Altman Z-score
-6.35
Distress zone
Rating
D+
Overall 1 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-1.4×-4.1×-200×140.78×106.25×-14,393.53×532×456×
P/B102.45×2.02×6.87×8.32×22.96×3.04×195.25×211.43×
P/S8.44×6.03×23.28×28.7×94.49×145.8×96.33×142.71×
EV / EBITDA-5.08×-15.72×-1,189×122.12×210.27×0×234.09×223.94×
Gross margin12.6%99.3%73.1%99.9%88.6%99.7%100.0%99.8%
Operating margin-593.4%-140.1%3.9%24.0%45.4%60.7%41.3%63.9%
Net margin-603.8%-147.0%-11.6%20.4%88.9%-1.0%20.3%32.3%
Current ratio0.75×1.89×2.88×1.61×2.03×7.4×0.24×0.04×
Debt / equity27.88×0.14×0.85×0.2×0.39×0.19×0.62×0.6×
Interest coverage-140.31×-25.79×0.57×9.97×31.24×0×0×0×
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-7331.0%-49.3%-3.4%5.9%21.6%-0.0%41.2%47.9%
Return on invested capital-161.4%-35.6%0.5%5.7%7.9%7.0%37.8%39.1%
Return on assets-132.8%-31.2%-1.7%4.5%13.9%-0.0%14.7%17.9%
Free cash flow yield-26.8%-15.3%-3.0%1.1%-2.4%0.1%0.2%0.2%
Earnings yield-71.6%-24.4%-0.5%0.7%0.9%-0.0%0.2%0.2%
Enterprise value€37.8M€32.1M€106.5M€182.7M€408.7M€75.9M€72.2M€77.8M
Net debt / EBITDA-1.01×-0.35×-128.51×2.61×2.15×0×0.73×0.63×
Cash conversion cycle (days)-150-5714189,902239-1,40400