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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
-161.1%
-€3.05
vs €5.00 price
Levered DCF
-€11.11
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
0.69
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-5.5×-3.41×-14.21×-15.21×109.94×-38.82×-18.96×-7.1×
P/B0.97×0.57×1.65×3.36×2.81×9.97×3.28×1.4×
P/S60.79×831.12×16,100.27×6,023.2×3,933.06×2,514.62×69.95×20.4×
EV / EBITDA-8.37×-2.14×-12.98×-17.71×62.06×-47.54×-14.38×-4.77×
Gross margin-534.1%70.6%100.0%100.0%100.0%47.7%-312.0%-144.3%
Operating margin-836.6%-27578.7%-120325.0%-42864.3%5107.6%-6339.1%-484.0%-391.4%
Net margin-1105.3%-24347.8%-113433.3%-39630.0%3600.0%-6463.3%-365.8%-287.2%
Current ratio4.34×2.79×9.45×6.96×8.68×5.63×7.38×4.34×
Debt / equity0.16×0.23×0.21×0.37×0.14×0.33×0.17×0.12×
Interest coverage-16.49×-45.41×-14,439×-16.5×10.88×-23.94×-88.59×-121.11×
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-17.7%-16.6%-11.6%-22.1%2.6%-25.6%-17.1%-19.8%
Return on invested capital-11.0%-13.6%-9.1%-15.7%3.2%-15.0%-13.6%-24.4%
Return on assets-14.7%-11.8%-9.0%-15.1%2.1%-17.5%-11.6%-16.2%
Free cash flow yield-9.8%-82.1%-12.8%-8.2%-5.1%-2.7%-7.4%-15.3%
Earnings yield-18.2%-29.3%-7.0%-6.6%0.9%-2.6%-5.2%-14.1%
Enterprise value€179.2M€68.9M€243.2M€367.1M€328.3M€303.6M€59.6M€18.8M
Net debt / EBITDA0.43×1.37×7.64×2.63×-16.01×2.86×2.92×0.83×
Cash conversion cycle (days)804-27,471-315,12335,48816,5936,097262354