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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
+115.3%
€1.70
vs €0.79 price
Levered DCF
€6.80
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
0.86
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/E25.13×733.33×198.37×19.46×77.17×98.53×-113.27×530×
P/B0.52×0.7×0.77×1.47×1.74×1.91×1.7×1.46×
P/S0.58×0.58×0.57×0.92×1.59×1.79×1.36×1.98×
EV / EBITDA20.32×10.27×11.36×11.68×22.03×18.17×32.59×35.19×
Gross margin5.6%60.9%59.3%9.2%5.5%5.5%32.2%37.3%
Operating margin3.3%5.4%5.3%8.1%3.0%4.3%-1.5%0.1%
Net margin2.3%0.1%0.3%4.7%2.1%1.8%-2.2%0.4%
Current ratio2.06×1.64×1.33×1.65×1.85×3.52×1.89×2.66×
Debt / equity0.5×0.73×0.88×0.9×1.01×0.45×0.85×0.4×
Interest coverage1.56×2.75×2.26×6.1×2.74×3.69×-1.18×0.05×
Dividend yield0.0%0.0%2.4%1.1%0.0%0.0%0.0%0.0%
Payout ratio0.0%0.0%486.1%20.9%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity2.1%0.1%0.4%7.5%2.3%1.9%-2.8%0.3%
Return on invested capital1.8%1.3%3.8%6.0%1.5%3.1%-0.5%0.0%
Return on assets1.2%0.0%0.2%3.3%0.8%1.1%-1.2%0.2%
Free cash flow yield14.3%21.9%17.3%1.0%1.1%-5.8%-9.2%-15.7%
Earnings yield4.0%0.1%0.5%5.1%1.3%1.0%-1.6%0.2%
Enterprise value€32.5M€42.9M€50.3M€74.5M€73.7M€58.7M€39.5M€30.3M
Net debt / EBITDA7.22×4.82×5.77×4.26×6.13×0.34×10.16×6.71×
Cash conversion cycle (days)13020423113416512911679