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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
+69.0%
€5.61
vs €3.32 price
Levered DCF
-€2.10
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
2.04
Grey zone
Rating
A
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E1.49×-9.5×-7.04×-115.05×105.41×-25.06×-28.57×-37.91×
P/B1.29×5.43×7.79×11.23×8.11×7.83×5.48×-6.09×
P/S2.23×0.52×1.03×1.55×1.31×2.22×2.94×3.41×
EV / EBITDA-6.53×8.42×-19.02×54.35×19.24×-669.52×106.67×64.48×
Gross margin-18.1%-3.1%-4.8%3.9%-1.2%-12.1%-9.7%85.6%
Operating margin-27.1%-6.2%-9.5%-5.4%0.6%-16.0%-14.6%-7.7%
Net margin149.9%-5.5%-14.7%-1.3%1.2%-9.1%-10.5%-9.1%
Current ratio2.71×1.03×1.58×1.38×1.68×1.39×2.14×0.72×
Debt / equity0.26×6.53×5.84×4.06×3.31×2.15×0.53×-0.77×
Interest coverage0×-1.78×-0.72×-3.06×0.25×-9.97×-7.22×-2×
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 equity86.8%-57.3%-110.4%-9.8%7.7%-32.0%-19.6%16.2%
Return on invested capital-12.5%-5.5%-7.3%-2.9%-0.5%-8.0%-6.2%-7.8%
Return on assets59.2%-4.7%-11.1%-1.2%1.0%-5.1%-5.3%-8.4%
Free cash flow yield-15.9%33.8%-4.8%-11.8%-18.1%-8.2%-7.0%3.9%
Earnings yield67.3%-10.6%-14.2%-0.9%0.9%-4.1%-3.6%-2.7%
Enterprise value€12M€13.3M€20M€27.3M€18.5M€14.1M€10.1M€16.6M
Net debt / EBITDA6.97×4.17×-6.4×10.79×3.19×0.43×-32.78×5.85×
Cash conversion cycle (days)102745149693711-694