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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
-199.0%
-€3.50
vs €3.54 price
Levered DCF
€0.11
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
-0.02
Distress zone
Rating
B
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E16.08×14.17×120.71×-17.05×-17.88×-41.6×-39.6×18.3×
P/B0.94×1.44×1.18×2.63×3.18×2.99×2.14×1,890.5×
P/S8.1×6.86×5.68×6.18×8.76×13.1×18.26×8,443.48×
EV / EBITDA-18.43×17.33×74.89×-26.56×-18.83×-30.51×-26.71×32.91×
Gross margin-61.0%116.0%128.0%-198.9%-118.3%-164.2%-107.5%34.2%
Operating margin-61.0%11.2%-46.3%-79.6%-131.8%-165.6%-129.0%-112.9%
Net margin50.0%48.5%4.7%-36.3%-49.2%-31.6%-46.1%46.2%
Current ratio0.59×0.99×1.47×1.28×1.6×2.84×2.37×3.31×
Debt / equity0.37×0.37×0.54×1.08×0.97×0.76×0.29×387.83×
Interest coverage-4.82×2.01×-6.9×-17.4×-26.41×-25.41×-17.88×-0.02×
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 equity5.8%10.2%1.0%-15.4%-17.8%-7.2%-5.4%10.3%
Return on invested capital-4.9%1.6%0.9%-6.0%-11.0%-6.2%-4.7%755.6%
Return on assets3.5%5.8%0.5%-5.0%-6.6%-3.1%-3.9%6.8%
Free cash flow yield0.0%15.8%10.2%-0.0%-0.0%-0.0%3.8%0.0%
Earnings yield6.2%7.1%0.8%-5.9%-5.6%-2.4%-2.5%0.0%
Enterprise value€12.8M€16.6M€13.9M€19.8M€23.8M€25M€22.8M€19.1M
Net debt / EBITDA-5.14×3.5×23.45×-7.13×-2.88×-3.01×-1.65×5.6×
Cash conversion cycle (days)281-135104453362439535-120,015