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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
-292.4%
-€0.79
vs €0.41 price
Levered DCF
-€2.42
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
-0.72
Distress zone
Rating
C
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-1.64×-91.18×3.28×14×4.78×16.67×-0.14×-0.99×
P/B-17.65×2.74×5.82×-4.24×-4.91×-0.84×-0.16×6.5×
P/S0.65×0.67×1.85×2.82×4.31×1.67×0.35×0.76×
EV / EBITDA-3.89×25.28×2.18×9.36×16.35×21.48×-1.01×-0.97×
Gross margin63.8%-3.2%11.0%20.8%51.3%55.0%41.5%22.8%
Operating margin-20.3%-3.9%10.1%20.5%15.7%12.7%-86.8%-6.7%
Net margin-39.9%-0.7%56.5%20.8%90.2%10.0%-247.7%-76.5%
Current ratio0.52×0.9×1.73×0.45×3.03×1.62×0.3×2.11×
Debt / equity-0.59×0.23×0.19×-0.03×-0.02×-1×-0.94×6.62×
Interest coverage-14.52×-2.89×9.6×282.83×141.97×238.99×-13.43×-1,109.27×
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 equity1087.0%-3.0%177.8%-31.3%-102.8%-5.0%113.9%-657.3%
Return on invested capital-77.0%-3.7%6.4%-31.5%5.8%5.6%-135.5%-3.0%
Return on assets-38.1%-0.6%33.1%6.2%27.4%3.3%-88.4%-36.1%
Free cash flow yield-6.2%-9.1%-3.0%-1.2%-2.1%1.7%-129.2%-36.0%
Earnings yield-61.6%-1.1%30.5%7.4%20.9%6.0%-714.2%-101.2%
Enterprise value€3.2M€4.4M€8.6M€4.7M€7.3M€5.3M€3.3M€5.3M
Net debt / EBITDA-0.1×1.52×-0.11×-0.8×-1.05×10.64×-0.85×-0.41×
Cash conversion cycle (days)-174506646156050-968-34