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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
-1762.9%
-€6.14
vs €0.37 price
Levered DCF
-€0.93
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
0.39
Distress zone
Rating
D+
Overall 1 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-14.35×-5.73×-1.7×8.87×-5.54×-30×-8.31×-89.22×
P/B0.64×0.53×0.31×0.41×0.72×1.77×1.33×1.52×
P/S0.96×0.7×0.5×0.2×0.86×2.26×2.74×2.65×
EV / EBITDA23.48×-19.73×-3.68×4.5×-9.95×876.27×-11.56×15.99×
Gross margin54.9%55.6%56.9%16.8%57.6%61.4%55.1%29.2%
Operating margin-4.7%-18.8%-25.9%0.4%-15.8%-7.9%-35.7%-0.8%
Net margin-6.7%-12.3%-29.3%2.2%-15.6%-7.6%-32.3%-3.0%
Current ratio2.48×1.49×1.65×1.4×3.67×4.48×6.28×4.7×
Debt / equity0.44×0.3×0.26×0.24×0.25×0.08×0.04×0.05×
Interest coverage-3.11×-8.11×-11.98×1.07×-25.84×-5.95×-30.43×-0.76×
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-4.5%-9.4%-18.0%4.6%-13.1%-5.9%-15.7%-1.7%
Return on invested capital-2.0%-10.2%-10.8%0.7%-9.8%-4.8%-15.6%-0.1%
Return on assets-2.6%-5.3%-9.5%1.8%-8.8%-4.7%-13.1%-1.3%
Free cash flow yield0.0%19.0%-16.6%-71.7%-2.9%-15.8%-13.1%-14.7%
Earnings yield-7.0%-17.7%-58.4%11.3%-18.0%-3.3%-11.8%-1.1%
Enterprise value€5.3M€2.7M€2.2M€3M€3.8M€8.9M€9.1M€6.5M
Net debt / EBITDA7.78×-3.91×-1.17×0.92×1.18×-175.64×-0.28×-12.42×
Cash conversion cycle (days)131-94-10529246250269189