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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
+134.3%
€2.65
vs €1.13 price
Levered DCF
€1.06
After debt service
Piotroski score
1 / 9
Weak
Altman Z-score
1.1
Distress zone
Rating
C-
Overall 1 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-6.83×5.42×-13.6×1.73×12.67×-1.19×-0.28×-8.61×
P/B13.63×4.24×7.12×5.65×-2.48×-1.4×3.18×0.88×
P/S0.9×0.53×0.4×0.43×0.79×0.63×0.43×1.34×
EV / EBITDA-40.45×5.29×22.38×2.92×11.72×-7.22×-1.48×-2.86×
Gross margin-26.4%1.5%78.3%-19.0%-14.3%-61.8%76.3%72.6%
Operating margin-12.1%9.5%-1.2%18.5%2.0%-45.8%-52.1%-21.0%
Net margin-13.4%10.0%-2.9%25.4%6.2%-53.0%-150.8%-15.5%
Current ratio1.89×2.06×1.78×2.18×1.01×0.78×1.68×4.54×
Debt / equity12.53×4.18×15.09×11.95×-4.11×-3.26×10.21×0.22×
Interest coverage-16.91×11.72×-1.58×17.7×4.57×-6.77×-10.24×-51.96×
Dividend yield1.0%0.0%0.0%0.0%0.0%0.0%0.0%28.3%
Payout ratio-7.0%0.0%0.0%0.0%0.0%0.0%0.0%-243.4%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-203.1%79.5%-52.4%333.3%-19.6%117.4%-1124.5%-10.2%
Return on invested capital-13.0%11.5%-1.3%18.4%1.9%-40.1%-32.5%-7.3%
Return on assets-10.4%8.9%-2.1%18.8%4.1%-31.2%-73.1%-7.1%
Free cash flow yield2.0%12.4%5.7%19.4%9.4%14.8%-203.7%-29.0%
Earnings yield-14.9%18.7%-7.4%59.0%7.9%-83.8%-354.1%-11.6%
Enterprise value€15.6M€12.4M€11.7M€13.5M€23.3M€20.4M€21.4M€8.1M
Net debt / EBITDA-15.7×1.87×13.14×1.73×6.75×-4.86×-1.1×3.13×
Cash conversion cycle (days)16018524791114108274333