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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
-1483.8%
-€5.42
vs €0.39 price
Levered DCF
-€5.37
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
2.31
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-4.74×-2.01×-0.91×-6.33×-16.37×-4.53×-1.59×-5.28×
P/B1.78×0.77×0.42×1.5×2.37×1.55×1.48×1.24×
P/S3.34×2.21×3.19×8.23×19.7×14.24×14.52×18.35×
EV / EBITDA-6.82×-1.74×-1.63×-8.08×-10.65×-5.75×-2.55×-6.82×
Gross margin17.1%21.7%13.2%-10.8%-12.0%-56.5%-253.7%38.5%
Operating margin-70.1%-80.5%-272.9%-134.1%-170.5%-469.6%-569.0%-308.4%
Net margin-70.5%-112.0%-348.6%-129.1%-121.3%-311.9%-916.0%-350.4%
Current ratio1.96×2.5×5.19×5.74×7.87×1.81×3.2×4.15×
Debt / equity0.2×0.38×0.5×0.26×0.2×0.78×0.62×0.24×
Interest coverage-20.8×-21.03×-22.97×-23.25×-13.93×-14.22×-21.75×-15.38×
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-37.5%-39.3%-45.9%-23.5%-14.6%-33.9%-93.1%-23.6%
Return on invested capital-30.3%-19.8%-23.5%-17.5%-14.6%-23.7%-35.2%-16.7%
Return on assets-25.9%-25.2%-28.2%-17.2%-11.3%-16.4%-50.1%-17.3%
Free cash flow yield-18.2%-7.9%-86.4%-21.8%-11.3%-37.2%-37.6%-11.7%
Earnings yield-21.1%-50.7%-109.3%-15.7%-6.2%-21.9%-63.1%-19.1%
Enterprise value€43.1M€17.4M€17.1M€58.1M€94.8M€35.4M€31M€38.2M
Net debt / EBITDA0.25×0.8×-0.4×0.68×1.84×-0.65×-0.29×0.74×
Cash conversion cycle (days)64228532753488149237