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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
+48.7%
€18.96
vs €12.75 price
Levered DCF
€15.74
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
6.28
Safe zone
Rating
A-
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E14.26×11.95×8.21×16.53×9.15×17.76×48.06×68.08×
P/B2.98×2.83×1.93×2.1×2.68×3.97×6.11×9.78×
P/S2.02×1.97×1.54×1.67×1.69×2.35×2.73×2.81×
EV / EBITDA8.03×6.93×4.53×5.73×6.3×9.68×18.12×17.96×
Gross margin48.3%48.2%48.7%43.8%47.9%46.2%42.7%43.9%
Operating margin20.8%22.9%23.9%14.3%24.4%19.4%9.2%12.9%
Net margin14.2%16.5%18.7%10.1%18.4%11.2%5.7%4.2%
Current ratio17.21×2.71×2.48×4.1×3.34×7.07×4.99×4.26×
Debt / equity0.18×0.12×0.14×0.18×0.24×0.39×0.62×0×
Interest coverage45.5×74.49×54.25×29.41×45.89×29.36×106.27×1,245.33×
Dividend yield8.4%8.9%6.4%10.9%3.9%2.3%2.8%1.4%
Payout ratio119.7%106.3%52.8%179.9%36.2%47.4%134.1%93.9%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity20.9%23.7%23.5%12.7%29.2%18.9%12.7%14.6%
Return on invested capital16.4%22.6%20.5%12.0%25.4%15.9%6.7%23.2%
Return on assets14.3%18.0%17.9%9.6%20.4%11.5%6.2%9.2%
Free cash flow yield10.6%4.3%14.5%11.0%11.2%10.6%3.3%4.8%
Earnings yield7.0%8.4%12.2%6.1%10.9%4.8%2.1%1.5%
Enterprise value€117.6M€99.9M€62M€50.6M€93.1M€95.8M€96.2M€74.3M
Net debt / EBITDA0.46×0.29×-0.3×-1.48×0.88×1.42×2.74×-1.78×
Cash conversion cycle (days)16712093-381543128143-12