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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
-407.4%
-€2.01
vs €0.65 price
Levered DCF
-€1.38
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
-1.18
Distress zone
Rating
D+
Overall 1 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-6.2×-3.68×-3.84×-1.02×75.26×12.49×-2.81×-4.81×
P/B5.99×1.41×1.69×0.88×1.3×1.16×0.76×1.01×
P/S0.62×0.29×0.32×0.17×1.06×0.41×0.25×0.35×
EV / EBITDA-37.91×-30.86×-37.38×-8.23×21.74×5.81×-21.76×120.85×
Gross margin0.0%65.6%59.4%55.3%137.4%57.7%58.2%59.8%
Operating margin-6.5%-6.7%-5.6%-13.7%4.3%6.6%-4.8%-4.8%
Net margin-9.9%-7.9%-8.5%-16.6%1.4%3.3%-8.9%-7.2%
Current ratio0.91×1.38×1.42×1.42×1.29×1.56×1.35×2.06×
Debt / equity2.28×1.52×1.84×2.02×0.86×0.86×0.97×0.63×
Interest coverage-1.91×-2.91×-1.89×-7.02×5.19×3.33×-2.47×-2.44×
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-95.8%-38.6%-44.4%-86.4%1.7%9.3%-27.1%-20.8%
Return on invested capital-16.3%-11.1%-9.4%-15.6%2.7%6.7%-7.2%-8.2%
Return on assets-15.4%-9.8%-11.1%-20.2%0.7%3.5%-10.3%-9.7%
Free cash flow yield7.5%-21.4%3.7%-72.5%-7.7%-9.5%-28.3%-4.4%
Earnings yield-16.0%-27.4%-26.3%-98.6%1.3%8.0%-35.9%-20.7%
Enterprise value€24.9M€16.2M€21.6M€18.2M€23.5M€20M€16.4M€15.6M
Net debt / EBITDA-8.25×-14.33×-16.88×-5.65×7.75×2.24×-11.36×35.42×
Cash conversion cycle (days)53130115303233148157167