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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
+390.4%
€7.01
vs €1.43 price
Levered DCF
-€16.92
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
1.08
Distress 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-2.24×-2.72×1.72×-2.45×-3.63×14.35×-1.06×-5.67×
P/B0.73×484.21×258.74×650.64×3×-10.21×-1.4×-75.49×
P/S0.15×130.32×79.72×89.71×0.26×0.64×0.27×0.58×
EV / EBITDA69.88×-197,967.8×854.72×-15,970.72×-33.48×9.31×-4.66×-11.7×
Gross margin19.2%21.0%19.8%21.5%21.2%18.6%14.6%28.9%
Operating margin0.1%-1.6%7.5%-0.5%-3.7%-10.1%-16.9%0.3%
Net margin-6.6%-4.8%4.6%-3.7%-7.1%4.4%-25.3%-10.2%
Current ratio0.73×0.82×0.8×0.69×0.61×0.53×0.56×0.93×
Debt / equity1.26×0.65×0.37×2.81×5.37×-10.33×-2.81×-62.14×
Interest coverage0.04×-1.13×4.97×-0.42×-2.79×-5.42×-5.87×0.27×
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-33.1%-17.8%15.1%-26.5%-82.7%-71.0%131.3%1331.1%
Return on invested capital0.1%-3.4%17.4%-1.2%-8.4%-20.3%-46.1%0.5%
Return on assets-7.9%-5.3%5.6%-4.5%-7.3%3.8%-25.8%-8.8%
Free cash flow yield-29.3%-0.1%0.1%-0.1%-28.2%-16.2%-16.1%-8.8%
Earnings yield-45.1%-0.0%0.1%-0.0%-27.6%7.0%-94.0%-17.6%
Enterprise value€7.1M€2.4B€1.8B€1.9B€12.3M€20.3M€19.5M€27.4M
Net debt / EBITDA43.25×-207.08×0.01×-63.69×-20.7×4.41×-3.02×-4.35×
Cash conversion cycle (days)5556404943343063