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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
+174.1%
€60.59
vs €22.10 price
Levered DCF
€48.48
After debt service
Piotroski score
8 / 9
Strong
Altman Z-score
3.6
Safe zone
Rating
A
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E13.2×15.2×33.16×27.79×21.93×16.03×16.32×15.23×
P/B1.41×1.7×1.93×1.84×2.51×1.57×1.55×1.49×
P/S0.86×0.98×1×0.99×1.35×0.83×0.76×0.71×
EV / EBITDA4.99×6.06×5.64×7.94×8.56×5.41×5.5×5.25×
Gross margin78.4%78.8%77.0%77.6%76.9%77.4%78.2%76.5%
Operating margin10.1%9.8%6.5%6.1%9.6%9.3%8.6%8.4%
Net margin6.5%6.5%3.0%3.5%6.1%5.2%4.6%4.7%
Current ratio2.23×2.01×1.93×1.8×1.85×1.9×1.8×1.78×
Debt / equity0.19×0.23×0.27×0.28×0.32×0.35×0.32×0.34×
Interest coverage26.91×28.86×30.17×29.45×45.75×47.54×44.95×34.04×
Dividend yield2.7%1.6%1.5%1.6%0.9%0.8%1.6%1.6%
Payout ratio36.3%23.8%49.9%45.3%20.4%12.8%25.6%24.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity10.7%11.2%5.8%6.6%11.5%9.8%9.5%9.8%
Return on invested capital9.6%9.2%5.2%5.5%8.5%7.4%7.1%7.4%
Return on assets6.4%6.3%3.1%3.4%5.8%4.9%4.7%4.9%
Free cash flow yield8.3%9.2%8.0%1.7%7.9%7.7%8.4%7.7%
Earnings yield7.6%6.6%3.0%3.6%4.6%6.2%6.1%6.6%
Enterprise value€123.1M€147.2M€161.8M€148.3M€191.6M€106.9M€99.6M€88.2M
Net debt / EBITDA-0.88×-0.76×-0.3×-0.42×-0.5×-0.32×-0.18×-0.27×
Cash conversion cycle (days)230224230249191201188177