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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
+701.7%
€103.82
vs €12.95 price
Levered DCF
€110.45
After debt service
Piotroski score
8 / 9
Strong
Altman Z-score
2.48
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/E13.97×10.95×14.87×13.24×15.63×11.29×10.03×8.07×
P/B1.27×1.55×1.96×1.82×2.37×1.22×1.72×0.89×
P/S0.45×0.53×0.68×0.63×0.79×0.42×0.49×0.24×
EV / EBITDA6.58×5.56×7.3×5.74×6.28×5.89×7.05×4.75×
Gross margin25.0%6.7%9.3%10.0%8.5%9.7%31.4%31.5%
Operating margin4.7%7.3%7.3%7.3%8.2%6.4%6.5%4.5%
Net margin3.2%4.9%4.7%4.8%5.1%3.7%4.8%3.0%
Current ratio1.77×1.73×1.78×1.57×1.77×1.57×1.63×1.6×
Debt / equity0.22×0.29×0.35×0.72×0.23×0.82×0.66×0.28×
Interest coverage13.82×10.71×7.02×28.74×24.42×15.21×20.15×13.63×
Dividend yield2.3%1.3%1.0%1.0%0.7%0.0%0.0%0.0%
Payout ratio31.6%14.7%14.8%13.8%11.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity9.1%14.2%13.5%13.7%15.2%10.9%17.1%11.0%
Return on invested capital8.1%11.6%11.2%8.2%12.8%6.3%10.2%8.4%
Return on assets4.5%6.6%5.7%4.9%6.8%4.2%6.5%4.1%
Free cash flow yield4.7%9.5%6.7%18.4%14.8%14.2%12.9%-6.1%
Earnings yield7.1%9.1%6.9%7.6%6.4%8.9%10.0%12.4%
Enterprise value€36.4M€42M€45.4M€36.8M€39.7M€22.9M€31.3M€12.6M
Net debt / EBITDA-0.27×-0.28×-0.68×-0.61×-1.1×0.57×1.26×0.66×
Cash conversion cycle (days)86354497141166158-117