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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
-2880.5%
-€18.05
vs €0.65 price
Levered DCF
-€19.41
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
-4.89
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-2.4×-3.72×-3.97×-4.04×-7.27×-5.92×-5.47×-16.38×
P/B-0.87×-1.26×-2.33×-4.4×291.05×26.78×4.44×2.56×
P/S3.81×4.83×6.26×19.27×33.45×42.5×37.62×63.66×
EV / EBITDA-5.2×28.93×-6.57×-5.84×-7.47×-6.03×-4.39×-9.38×
Gross margin-15.4%-23.6%-141.5%53.4%63.8%57.0%-542.7%-610.8%
Operating margin-139.1%-182.2%-144.8%-419.6%-462.7%-685.5%-731.7%-473.1%
Net margin-158.7%-130.0%-157.7%-478.6%-462.1%-720.0%-710.2%-388.7%
Current ratio0.48×1.02×1.87×3×2.72×1.83×4.26×12.64×
Debt / equity-0.72×-0.95×-1.53×-1.79×40.58×4.22×0.03×0.01×
Interest coverage-5.43×-7.06×-11.19×-7.33×-9.97×-21.22×-2,365.67×-540.29×
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 equity36.2%33.9%58.7%109.3%-4021.7%-453.7%-83.9%-15.6%
Return on invested capital132.8%-1037.1%-72.8%-86.4%-96.1%-82.2%-75.8%-15.6%
Return on assets-133.5%-68.0%-56.7%-80.4%-65.8%-61.8%-61.9%-13.9%
Free cash flow yield-17.9%-3.6%-26.1%-20.0%-14.3%-14.0%-13.8%-13.6%
Earnings yield-41.6%-26.9%-25.2%-24.8%-13.8%-16.9%-18.9%-6.1%
Enterprise value€40.6M€39M€41M€56.6M€89.8M€84.7M€61.3M€49.9M
Net debt / EBITDA-2.26×11.09×-2.1×-1.08×0.01×0.21×1×4.85×
Cash conversion cycle (days)207253292317-721-1,37941,349