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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
+424.0%
€41.71
vs €7.96 price
Levered DCF
€20.58
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
1.75
Distress zone
Rating
A
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E8.84×7.55×12.26×24.11×41.35×53.65×23.53×19.9×
P/B0.4×0.69×0.79×1.47×2.02×2.74×3.27×2.81×
P/S1.01×1.4×2.09×3.76×5.85×8.34×4.94×3.73×
EV / EBITDA5.29×3.47×6.84×14.19×16.77×40.2×13.14×11.58×
Gross margin21.5%67.6%30.5%23.7%24.2%24.9%38.3%56.4%
Operating margin8.6%15.3%15.5%12.5%20.5%18.8%26.1%26.6%
Net margin11.4%16.3%17.1%15.6%14.1%15.5%21.0%18.8%
Current ratio5.29×5.05×5.86×5.26×3.95×3.28×3.83×3.86×
Debt / equity0.16×0.09×0.07×0.08×0.16×0.22×0.1×0.11×
Interest coverage21.72×21.62×413.83×30.3×23.17×33.14×78.82×51.51×
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 equity4.6%8.0%6.5%6.1%4.9%5.1%13.9%14.1%
Return on invested capital2.9%6.5%5.4%4.5%4.4%4.2%12.8%12.2%
Return on assets3.6%6.5%5.5%5.2%4.0%3.9%10.9%10.8%
Free cash flow yield4.0%4.1%-0.9%0.7%0.7%1.6%4.6%5.3%
Earnings yield11.3%11.6%8.2%4.2%2.4%1.9%4.3%5.0%
Enterprise value€51.5M€90M€83.8M€158.6M€201.2M€268.5M€306.2M€232.2M
Net debt / EBITDA-0.75×-0.18×-1.34×-1.51×-2.14×-3.73×-1.31×-0.85×
Cash conversion cycle (days)336539368273315364168284