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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
-29.2%
€0.15
vs €0.21 price
Levered DCF
-€0.76
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
0.78
Distress 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-36.72×-4.97×-4.28×2,150×-97.6×-6.24×-46.82×-101.66×
P/B0.75×0.47×0.61×2.16×2.04×3.18×1,128.4×63.11×
P/S0.75×0.56×0.52×1.43×1.16×4.66×2.46×2.78×
EV / EBITDA13.78×0.61×158.53×42.72×-38.51×-7.54×-77.56×-41.13×
Gross margin55.5%-17.6%54.9%31.0%37.2%41.4%39.3%32.7%
Operating margin-1.3%-31.9%-16.5%-4.3%-3.8%-53.1%-5.2%-9.2%
Net margin-2.1%-11.8%-12.1%0.1%-1.2%-75.1%-5.2%-2.7%
Current ratio1.52×1.64×1.54×1.81×1.52×3.7×1.45×0.9×
Debt / equity0.18×0.25×0.48×0.49×0.64×0.36×236.8×7.41×
Interest coverage-0.31×-6.03×-8.81×-4.06×-2.67×-2.62×-1.25×-4.52×
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-2.0%-9.8%-14.3%0.1%-2.1%-51.2%-2407.2%-62.1%
Return on invested capital-0.2%-9.8%-8.0%0.1%-0.6%-19.2%-4.0%-8.8%
Return on assets-1.2%-5.4%-7.1%0.1%-0.9%-28.8%-4.5%-3.0%
Free cash flow yield6.7%51.3%-22.2%-10.3%-22.5%-19.6%-5.7%-0.5%
Earnings yield-2.7%-20.9%-23.5%0.0%-1.0%-16.1%-2.1%-1.0%
Enterprise value€9.8M€6.5M€13.1M€34.6M€26.2M€33.8M€49.3M€46.4M
Net debt / EBITDA1.91×0.11×66.06×4.6×-5.61×0.28×-11.09×-3.66×
Cash conversion cycle (days)11017014917477277-3838