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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
-450.3%
-€0.33
vs €0.09 price
Levered DCF
-€0.63
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
-0.76
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/E1.19×-1.05×-6.3×-2.51×-1.79×-1.49×-1.25×
P/B-2.65×-0.44×-1.36×-1.4×-2.31×-1.58×75.76×
P/S1.55×1.41×2.13×3.73×3.1×2.93×2.25×
EV / EBITDA1.55×-5.12×-31.06×-5.43×-3.62×-3.28×-2×
Gross margin75.3%84.1%81.0%52.3%74.2%55.7%70.3%
Operating margin-63.2%-79.0%11.2%-128.5%-158.7%-204.9%-153.1%
Net margin131.0%-135.9%-33.8%-149.5%-174.6%-196.0%-179.5%
Current ratio2.07×0.27×0.54×1.19×2.54×2.31×2.35×
Debt / equity-2.51×-1.31×-1.72×-1.47×-2.78×-2.23×68.83×
Interest coverage-5.23×-13.24×4.56×-5.35×-452.52×0×-21.82×
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 equity-223.5%42.7%21.6%56.1%130.1%105.9%-6036.4%
Return on invested capital-62.9%-73.3%9.8%-96.6%-60.6%-83.8%-72.5%
Return on assets80.4%-64.0%-16.2%-56.5%-54.3%-62.1%-64.7%
Free cash flow yield-30.9%-60.7%-4.8%-32.2%-47.6%-47.4%-60.8%
Earnings yield84.3%-96.7%-15.9%-40.1%-56.3%-66.8%-79.7%
Enterprise value€19.9M€40.8M€45.4M€54M€40.7M€37.5M€26.6M
Net debt / EBITDA0.55×-3.77×-14.99×-2.62×-1.5×-1.61×-0.56×
Cash conversion cycle (days)12736759546320260151