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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
-5295.8%
-€3.01
vs €0.06 price
Levered DCF
-€3.36
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
-0.27
Distress zone
Rating
C
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E-0.46×-2.11×-2.84×-9.08×-65.46×-47.65×-38.94×
P/B-0.42×-5.4×7.75×-23.15×-20.01×-28.83×-42.35×
P/S0.11×0.37×0.65×2.78×3.38×9.62×24.43×
EV / EBITDA-1.75×-2.64×-2.41×-9.38×-73.81×-60.46×-51.93×
Gross margin20.3%15.6%16.1%100.0%100.0%89.3%92.8%
Operating margin-18.5%-17.7%-23.1%-30.9%-4.9%-16.6%-49.7%
Net margin-24.1%-17.7%-22.9%-30.3%-5.2%-20.2%-62.8%
Current ratio0.7×0.93×1.1×0.8×0.85×0.69×0.74×
Debt / equity-0.88×-2.49×2.29×-2.26×-0.59×-0.81×-0.68×
Interest coverage-27.7×-28.32×-38.63×-91.23×-16.21×-47.67×-43.4×
Dividend yield0.0%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%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity90.0%255.7%-272.6%252.6%30.6%60.5%108.8%
Return on invested capital598.6%-167.6%-263.4%-198.1%-253.5%50.7%274.6%
Return on assets-56.8%-38.7%-36.7%-51.2%-10.4%-25.1%-78.0%
Free cash flow yield-147.2%-49.8%-32.9%-11.3%-3.4%0.6%0.0%
Earnings yield-215.1%-47.4%-35.2%-10.9%-1.5%-2.1%-2.6%
Enterprise value€2.6M€5.9M€9.2M€42.7M€42.4M€41.2M€41.9M
Net debt / EBITDA-1.12×-0.44×0.45×-0.29×-1.84×0.21×-0.72×
Cash conversion cycle (days)618368-118,273-835,209-493-406