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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
+105.2%
€19.19
vs €9.35 price
Levered DCF
€51.97
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
2.29
Grey 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-26.14×62×9.14×5.98×11.03×-68.06×8.78×5.65×
P/B0.52×0.54×0.57×0.51×0.63×0.65×0.86×0.87×
P/S0.14×0.15×0.16×0.15×0.17×0.19×0.18×0.18×
EV / EBITDA3.18×5.57×1.61×1.45×2.22×8.13×4.25×4.4×
Gross margin2.8%7.5%4.1%8.5%9.1%7.9%10.1%10.6%
Operating margin1.0%0.2%2.7%3.8%2.6%1.1%4.3%4.7%
Net margin-0.5%0.2%1.8%2.4%1.5%-0.3%2.1%3.1%
Current ratio1.41×1.38×1.48×1.42×1.3×1.23×1.26×1.29×
Debt / equity0.23×0.26×0.17×0.18×0.24×0.51×0.39×0.39×
Interest coverage12.84×1.47×12.32×17.95×13.92×6.06×24.12×19.73×
Dividend yield3.5%3.2%3.0%2.6%0.0%0.0%6.2%3.8%
Payout ratio-90.5%205.0%27.4%15.8%0.0%0.0%54.3%21.7%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-2.0%0.8%6.2%8.5%5.7%-1.0%9.8%15.4%
Return on invested capital3.1%0.2%5.4%7.6%4.9%-1.1%7.2%11.6%
Return on assets-1.0%0.4%3.2%4.3%2.6%-0.4%4.1%6.3%
Free cash flow yield26.9%-12.5%12.5%19.2%56.3%31.4%23.3%18.6%
Earnings yield-3.8%1.6%10.9%16.7%9.0%-1.5%11.4%17.7%
Enterprise value€17.5M€27.5M€13.6M€12M€19.6M€36.1M€52.5M€49.2M
Net debt / EBITDA-2.14×-0.82×-2.38×-2.02×-1.47×1.11×0.83×0.76×
Cash conversion cycle (days)657469717710363-130