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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
-785.3%
-€0.57
vs €0.08 price
Levered DCF
-€1.86
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
-2.5
Distress zone
Rating
B
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-0.24×-0.3×-4.07×32.07×-42.5×87.63×-863.04×105.71×
P/B0.46×0.34×0.51×0.92×1.61×2.04×2.26×1.58×
P/S0.62×5.76×11.48×11.51×13.14×6.05×5.31×3.62×
EV / EBITDA-0.44×-0.19×-17.56×-24.95×-28.16×409.7×-47.42×124.71×
Gross margin-193.2%722.1%611.9%425.8%-28.3%-17.1%-26.9%-17.5%
Operating margin-182.1%-1425.9%-354.6%-53.8%-32.8%-22.3%-30.8%-16.6%
Net margin-260.4%-1940.2%-283.0%36.2%-31.0%7.0%-0.6%3.4%
Current ratio14.89×23.22×9.54×6.83×13.27×7.24×7.02×19.38×
Debt / equity0.02×0.03×0.03×0.05×0.05×0.1×0.05×0.06×
Interest coverage-39.33×0×0×0×0×-79.29×-53.11×-13.53×
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-194.6%-115.4%-12.5%2.9%-3.8%2.4%-0.3%1.5%
Return on invested capital-74.4%-69.6%-10.2%2.5%-1.6%1.8%-0.2%0.9%
Return on assets-117.0%-94.1%-11.2%2.5%-3.4%1.8%-0.2%1.2%
Free cash flow yield-188.4%-17.7%-39.8%-28.4%-8.5%-6.4%-7.4%-5.4%
Earnings yield-420.7%-336.8%-24.7%3.1%-2.4%1.2%-0.1%0.9%
Enterprise value€1.1M€5.1M€52.2M€68.6M€98.7M€67.6M€58.7M€29.6M
Net debt / EBITDA2.98×0.53×2.68×4.58×11.21×-85.69×12.46×-94.47×
Cash conversion cycle (days)263855225132114272199