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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
-52.4%
€0.02
vs €0.05 price
Levered DCF
€0.23
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
1.73
Distress zone
Rating
B-
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-42.33×12.61×-13.31×-1.87×-96.25×-45.2×-8.1×-1,000×
P/B1.1×1.21×1.61×1.41×7.24×10.92×3.05×1,385.75×
P/S0.4×0.49×0.52×0.51×1.5×2.98×0.91×368.93×
EV / EBITDA-27.41×4.79×56.07×-2.44×27.58×68.69×-95.31×-4.08×
Gross margin33.4%2.9%17.2%-7.2%-3.4%6.6%-1.9%26.6%
Operating margin-6.8%3.8%-3.9%-7.7%0.1%-4.4%-9.4%-20.6%
Net margin-0.9%3.9%-3.9%-27.2%-2.8%-6.6%-11.2%-25.8%
Current ratio1.28×1.47×1.6×1.96×2.62×3.37×1.82×1.7×
Debt / equity0.17×0.18×0.34×0.42×1.21×1.53×0.48×661.14×
Interest coverage-30.32×22.1×-19.94×-18.42×0.19×-5.32×-9.97×-0.01×
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-2.6%9.6%-12.2%-75.1%-13.6%-24.2%-37.7%-97.0%
Return on invested capital-9.6%7.9%-7.5%-14.9%0.1%-5.6%-21.1%-0.4%
Return on assets-1.2%5.3%-7.1%-43.4%-3.6%-7.3%-17.8%-38.0%
Free cash flow yield12.4%0.0%0.0%-18.1%-5.8%-0.4%-11.0%-0.1%
Earnings yield-2.4%7.9%-7.6%-53.4%-1.9%-2.2%-12.3%-0.1%
Enterprise value€4.7M€5.1M€7.5M€7.4M€17M€23.3M€7.8M€3.9M
Net debt / EBITDA1.73×-0.77×4.14×-0.22×1.41×-0.17×-3.37×-1.32×
Cash conversion cycle (days)94584458352735-46,388