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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
-271.3%
-€38.20
vs €22.30 price
Levered DCF
-€20.08
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
3.29
Safe 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-188.46×-15.22×-7.11×-11.68×-62.6×-16.72×-11.92×-16.23×
P/B15.25×6.61×4×3.99×8.14×4.82×2.65×1.35×
P/S4.03×1.91×2×2.78×7.94×6.06×5.2×4.21×
EV / EBITDA36.89×-60.96×-10.69×-17.59×495.18×-25.2×-15.11×-12.08×
Gross margin61.7%52.9%17.7%19.3%8.1%13.7%14.0%24.7%
Operating margin-4.5%-16.7%-31.5%-28.3%-12.6%-36.3%-41.8%-25.9%
Net margin-2.2%-12.6%-28.3%-23.8%-12.7%-36.4%-41.8%-26.0%
Current ratio2.74×0.88×1.07×3.16×5.2×2.23×2.27×3.65×
Debt / equity0.76×0.84×0.59×0.11×0.12×0.15×0.12×0.04×
Interest coverage-3.96×-12.53×-46.1×-203.8×-56.04×-128.26×-284.88×-468.71×
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 equity-8.2%-43.7%-56.4%-34.3%-13.0%-28.9%-21.3%-8.4%
Return on invested capital-1.5%-21.9%-33.2%-14.5%-6.4%-20.2%-18.5%-7.9%
Return on assets-1.4%-7.9%-14.6%-11.7%-5.6%-13.8%-12.4%-6.1%
Free cash flow yield0.6%-7.5%-13.6%-11.5%0.1%-5.3%-8.3%-9.3%
Earnings yield-0.5%-6.6%-14.1%-8.6%-1.6%-6.0%-8.0%-6.2%
Enterprise value€159.7M€62.1M€51.8M€58.3M€163.9M€102.6M€59.7M€18.4M
Net debt / EBITDA-0.9×2.84×1.79×3.5×-60.62×4.76×6.43×22.86×
Cash conversion cycle (days)178142186204155214222144