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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
+67.0%
€41.59
vs €24.90 price
Levered DCF
-€17.85
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
2.84
Grey zone
Rating
A
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E1.97×6.76×4.36×5.58×8.23×9.95×14.53×6.23×
P/B0.76×0.85×0.81×1.03×1.45×1.72×1.35×1.18×
P/S0.16×0.17×0.16×0.19×0.24×0.24×0.22×0.22×
EV / EBITDA1.2×3.99×2.68×5.4×5.72×5.21×3.34×4.97×
Gross margin9.6%11.1%11.2%6.4%6.1%6.0%6.1%10.8%
Operating margin3.0%4.2%4.1%3.8%4.2%3.8%4.0%4.0%
Net margin8.3%2.6%3.6%3.3%2.9%2.4%1.5%3.6%
Current ratio1.48×1.57×1.87×1.62×1.55×1.48×1.51×1.68×
Debt / equity0.21×0.45×0.47×0.95×0.77×1.01×0.57×0.61×
Interest coverage19.22×7.36×12.6×17.32×34.05×8.55×7.09×8.94×
Dividend yield1.6%2.1%2.7%2.5%0.0%1.3%2.0%2.5%
Payout ratio3.1%14.4%11.6%14.0%0.0%13.3%29.2%15.7%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity38.7%12.6%18.7%18.4%17.6%17.4%9.3%18.9%
Return on invested capital10.0%11.4%9.7%8.1%10.9%9.3%7.8%11.4%
Return on assets10.9%3.5%6.0%5.0%4.7%3.8%2.1%4.8%
Free cash flow yield1.6%1.9%48.8%-41.5%-12.1%-5.6%11.4%-8.7%
Earnings yield50.8%14.8%23.2%17.9%12.1%10.1%6.9%16.1%
Enterprise value€50.5M€43.9M€37.6M€60M€49M€42.3M€25.3M€25.3M
Net debt / EBITDA-0.55×-0.75×-0.26×1.45×-0.39×-1.08×-1.18×-0.34×
Cash conversion cycle (days)8764658848284531