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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
-89.4%
€0.42
vs €3.99 price
Levered DCF
€0.40
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
4.8
Safe zone
Rating
B+
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E14.45×-7.98×-6.81×32.12×31.82×-2.13×-14.26×-4.63×
P/B0.78×0.63×0.66×0.6×0.7×0.53×0.4×0.43×
P/S32.44×3.98×2.81×2.65×0.91×0.59×0.5×0.51×
EV / EBITDA-9.13×24.58×-199.94×6.51×3.61×-2.12×34.93×-7.06×
Gross margin-324.7%45.6%62.8%64.3%46.7%43.4%41.3%41.8%
Operating margin-350.9%-65.6%-21.9%-9.7%-11.3%-1.8%-3.4%-8.8%
Net margin226.3%-50.0%-41.2%8.3%2.9%-27.8%-3.5%-10.9%
Current ratio45.32×15.44×33.12×12.09×14.84×6.26×3.02×2.83×
Debt / equity0×0×0×0×0×0.12×0.07×0.04×
Interest coverage-1.22×-1.21×-0.85×-624×-33.24×-1.36×-0.88×-108.83×
Dividend yield47.5%11.2%10.2%19.6%7.1%0.0%0.0%9.0%
Payout ratio681.0%-89.1%-69.3%628.2%223.8%0.0%0.0%-41.4%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity5.4%-7.9%-9.7%1.9%2.2%-24.9%-2.7%-9.4%
Return on invested capital-7.7%-9.5%-4.8%-2.2%-8.4%-1.2%-1.8%-6.9%
Return on assets5.3%-7.3%-9.2%1.7%2.0%-17.4%-2.1%-7.0%
Free cash flow yield2.2%-3.3%1.2%-7.6%-40.9%10.0%-4.5%-19.0%
Earnings yield7.0%-12.6%-14.7%3.1%3.2%-47.1%-6.9%-21.6%
Enterprise value€10.8M€12.1M€14.4M€14.5M€5.7M€15.4M€15.5M€16.6M
Net debt / EBITDA0.97×-1.24×13.53×-1.15×-10.12×0.24×-1.49×0.69×
Cash conversion cycle (days)157-919126341200201184