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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
-150.4%
-€0.34
vs €0.68 price
Levered DCF
-€0.64
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
0.08
Distress zone
Rating
C
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-6.16×-2.76×-4.83×-5.32×-8.19×-8.42×-6.6×-0.92×
P/B-13.53×-133,831.06×3.14×48.76×-23.44×-10.09×-315.54×-10.63×
P/S29.53×18.38×9.74×21.5×20.14×43.93×9.04×2.92×
EV / EBITDA-6.39×-2.09×-2.65×-4.63×-6.76×-9.88×-5.52×-1.68×
Gross margin-523.5%-865.4%-59.3%-246.9%-306.5%-511.7%-144.3%-130.3%
Operating margin-537.4%-838.6%-173.1%-510.5%-319.9%-576.1%-162.4%-359.8%
Net margin-479.8%-693.6%-201.7%-401.8%-253.9%-524.9%-136.2%-316.8%
Current ratio2.21×2.21×2.39×2.4×2.48×2.29×1.86×2.17×
Debt / equity-1.97×-11,369.81×0.35×4.61×-1.88×-3.28×-5.32×-11.57×
Interest coverage-39.35×0×-100.27×-143.17×-34.83×-12.99×-17.62×-25.47×
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 equity219.9%5050000.0%-65.1%-911.1%295.4%120.6%4756.0%1155.1%
Return on invested capital-63.1%-77.0%-20.6%-45.0%-44.5%-48.3%-64.0%-107.4%
Return on assets-45.5%-50.2%-19.7%-35.6%-31.8%-37.0%-36.1%-64.2%
Free cash flow yield-20.4%-19.7%-14.6%-21.0%-13.5%-10.6%-15.2%-86.6%
Earnings yield-16.2%-37.7%-20.7%-18.7%-12.6%-11.9%-15.1%-108.7%
Enterprise value€38.2M€12.4M€11.9M€26.6M€29.8M€41M€24.2M€10.9M
Net debt / EBITDA-0.54×0.49×1.31×-0×0.02×-2×0.22×-0.81×
Cash conversion cycle (days)9372278571,186404741344324