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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
-4940.9%
-€39.79
vs €0.82 price
Levered DCF
-€42.84
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
1.89
Grey zone
Rating
D+
Overall 1 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-2.24×-3.5×-1.29×-1.82×-5.95×-18.99×-46.79×-52.4×
P/B-17.1×8.5×1.74×1.06×1.94×-35.51×62.91×152.34×
P/S0.23×0.21×0.3×0.44×1.51×4.34×4.86×6.05×
EV / EBITDA-6.81×-5.56×-1.7×-1.73×-4.54×-25.42×-52.8×-58.88×
Gross margin3.4%9.8%-11.0%-8.2%12.4%13.7%19.8%16.0%
Operating margin-8.0%5.6%-24.1%-21.7%-23.2%-19.4%-11.3%-12.2%
Net margin-10.2%-6.1%-23.4%-23.8%-25.4%-22.8%-10.4%-11.5%
Current ratio1.65×1.46×2.06×4.1×7.21×1.04×1.39×1.01×
Debt / equity-17.9×8.11×1.04×0.5×0.13×-2.57×2.87×3.5×
Interest coverage-2.66×8.88×-24.15×-11.57×-13.5×-41.79×-45.46×-83.46×
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 equity759.2%-242.2%-134.4%-57.9%-32.6%186.5%-133.9%-289.9%
Return on invested capital-29.6%23.8%-61.1%-35.9%-25.0%-106.9%-34.4%-68.2%
Return on assets-22.8%-11.2%-40.6%-30.7%-24.5%-42.9%-18.3%-26.6%
Free cash flow yield-48.8%-43.1%-35.9%-73.5%-30.7%-3.5%-4.7%0.0%
Earnings yield-44.4%-28.5%-77.2%-54.7%-16.8%-5.3%-2.1%-1.9%
Enterprise value€13.7M€11.9M€8M€7.5M€17.9M€48.1M€46.9M€46.2M
Net debt / EBITDA-3.12×-2.08×-0.34×0.38×2.19×-1.53×-1.9×-1.23×
Cash conversion cycle (days)34385911681118538