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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
-175.3%
-€1.24
vs €1.65 price
Levered DCF
-€5.00
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
1.07
Distress zone
Rating
C-
Overall 1 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-6.15×15.2×8.26×213.59×-8.04×-4.45×-10.65×-282.14×
P/B2.44×3.16×2.15×2.33×5.13×3.45×1.85×11.67×
P/S1.14×1.42×0.81×0.91×1.74×2.46×1.86×2.91×
EV / EBITDA-103.16×2.24×5.65×12.56×-25.41×-11.19×-14.32×143.62×
Gross margin10.2%43.9%26.7%14.6%0.8%-30.1%56.7%33.3%
Operating margin-20.5%5.1%9.4%1.6%-36.2%-65.2%-19.4%-6.5%
Net margin-18.7%9.3%9.9%0.4%-21.4%-55.2%-17.3%-1.0%
Current ratio3.04×3.26×2.46×2.08×1.75×1.7×3.53×1.54×
Debt / equity1.34×1.02×1.14×1.75×1.55×1.07×0.43×1.21×
Interest coverage-4.01×2.7×3.39×0.87×-41.6×-67.32×-6.4×-11.6×
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-39.8%20.8%26.4%1.1%-63.2%-77.3%-17.1%-4.1%
Return on invested capital-12.9%5.5%11.5%1.5%-30.3%-43.6%-10.3%-1.7%
Return on assets-14.1%8.3%9.6%0.3%-16.2%-28.0%-9.9%-1.1%
Free cash flow yield4.9%-5.5%-0.3%-16.0%-19.6%-16.0%-24.9%-6.6%
Earnings yield-16.3%6.6%12.3%0.5%-12.3%-22.4%-9.3%-0.4%
Enterprise value€19.2M€31.9M€18.7M€15.9M€21.8M€19.8M€15.6M€27.6M
Net debt / EBITDA-25.45×0.37×1.22×3.18×-4.29×-0.28×2.39×10.44×
Cash conversion cycle (days)1712051211069457-34-43