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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
-3491.8%
-€20.76
vs €0.61 price
Levered DCF
-€25.34
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
-0.51
Distress zone
Rating
C
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
P/E-4.92×-9.56×-66.88×-1,251.61×-2,216×-496.98×6,450.98×3,103.77×
P/B1.39×1.95×5.42×4.42×5.49×-1,646.18×707.51×441.8×
P/S4.88×4×10.79×17.24×35.55×194.54×94.38×86.36×
EV / EBITDA-7.04×-11.13×-70.57×702.46×523.72×-661×850.94×1,861.14×
Gross margin-71.0%-41.1%-14.7%-0.6%4.5%68.4%69.8%67.0%
Operating margin-130.2%-56.5%-20.5%-2.2%-1.6%-52.5%2.0%2.6%
Net margin-103.5%-42.0%-16.2%-1.4%-1.6%-39.1%1.5%2.8%
Current ratio1.02×1.46×2.11×6.5×11.68×0.6×0.91×0.94×
Debt / equity0.48×0.53×0.38×0.14×0.05×-20.79×6.22×3.39×
Interest coverage-11.48×-28.47×-23.07×-4.33×-1.87×-12.82×0×0×
Dividend yield0.0%0.0%0.0%0.0%0.0%0.0%0.1%0.0%
Payout ratio0.0%0.0%0.0%0.0%0.0%0.0%649.4%0.0%
Key metrics by fiscal year
MetricFY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Return on equity-29.5%-20.5%-8.1%-0.4%-0.2%331.0%10.9%14.3%
Return on invested capital-15.5%-13.6%-5.8%-0.3%-0.2%-28.9%1.1%2.3%
Return on assets-10.8%-8.8%-4.2%-0.3%-0.2%-17.0%1.0%2.1%
Free cash flow yield-8.1%-28.2%-5.2%-9.7%-1.9%-0.0%-0.0%0.0%
Earnings yield-21.2%-10.5%-1.5%-0.1%-0.0%-0.2%0.0%0.0%
Enterprise value€67.2M€119.5M€316.4M€268.3M€317.9M€505M€502.9M€502.5M
Net debt / EBITDA-1.27×-1.9×1.79×-66.42×-90.48×-8.13×6.96×13.77×
Cash conversion cycle (days)782533296502219-60-115-154