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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
+541.3%
€19.11
vs €2.98 price
Levered DCF
€33.07
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
3.52
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/E12.34×5.98×9.47×13×22.98×19.09×84.62×15.14×
P/B0.71×0.96×1.61×2.45×3.31×3.31×5.51×4.65×
P/S0.21×0.26×0.4×0.52×0.89×0.69×0.62×0.65×
EV / EBITDA3.83×3.04×5.69×9.19×13.34×10.09×31.92×11.14×
Gross margin21.9%14.3%7.3%11.6%12.7%12.1%13.1%17.0%
Operating margin3.4%5.9%6.0%5.5%5.8%5.1%1.7%5.3%
Net margin1.7%4.4%4.2%4.0%3.9%3.7%0.7%4.3%
Current ratio2.84×3.23×3.65×3.06×4.44×3.78×1.78×2.76×
Debt / equity0.21×0.25×0.24×0.07×0.03×0.2×0.35×0.31×
Interest coverage12.5×17.48×52.41×1,130.06×698.08×116.41×11.7×889.28×
Dividend yield4.3%2.9%1.3%1.0%0.0%0.0%0.0%0.0%
Payout ratio52.3%17.4%12.0%13.0%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity5.9%16.0%17.0%18.9%14.4%17.5%6.5%31.2%
Return on invested capital6.6%12.5%14.5%18.1%14.2%14.4%8.7%21.6%
Return on assets3.6%9.8%10.8%12.4%10.8%10.9%2.7%16.4%
Free cash flow yield9.6%-9.2%14.5%-10.3%1.2%-2.7%3.1%0.0%
Earnings yield8.2%16.8%10.5%7.7%4.3%5.3%1.2%6.7%
Enterprise value€10.4M€14.3M€20.7M€29.2M€28.2M€13.5M€6.8M€4.4M
Net debt / EBITDA-0.64×-0.3×-0.92×0.07×-1.18×-1.55×0.95×0.43×
Cash conversion cycle (days)5664547552413570