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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
-598.2%
-€8.15
vs €1.64 price
Levered DCF
-€13.83
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
-17.1
Distress zone
Rating
C-
Overall 1 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-0.5×-3.04×-2.59×-4.49×-10.34×-80.5×-26.27×-12.57×
P/B3.41×0.95×0.83×1.39×2.68×2.16×-3.39×-2.16×
P/S4.49×6.87×4.66×14.39×12.19×11.69×6.53×4.88×
EV / EBITDA-12.36×-14.67×-7.99×-8.27×-17.22×-31.18×-36.61×-16.99×
Gross margin147.9%142.9%99.2%-205.3%-83.7%50.9%60.2%54.4%
Operating margin-885.8%-209.3%-177.1%-316.9%-116.2%-38.8%3.3%-33.9%
Net margin-898.3%-228.5%-179.7%-321.1%-119.0%-40.9%-23.8%-39.2%
Current ratio4.29×1.45×0.79×1.81×6.63×2.19×0.56×0.38×
Debt / equity1.45×0.42×0.28×0.1×0.1×0.09×-0.33×-0.34×
Interest coverage-74.32×-10.82×-26.76×-76.58×-61.53×-16.43×0.95×-7.99×
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 equity-683.1%-31.7%-31.9%-31.0%-26.1%-7.6%12.4%17.4%
Return on invested capital-251.2%-19.9%-23.5%-26.6%-22.6%-5.8%3.6%-31.4%
Return on assets-245.0%-21.3%-23.3%-26.0%-22.8%-5.9%-13.5%-21.4%
Free cash flow yield-22.0%-20.4%-25.4%-0.0%-16.2%-13.1%-3.4%-6.8%
Earnings yield-200.2%-33.2%-38.6%-22.3%-9.8%-3.5%-3.7%-8.0%
Enterprise value€9.1M€15.6M€14.9M€25.2M€44.1M€29.9M€17.2M€11.6M
Net debt / EBITDA-3.12×-4.41×-2.02×-0.45×-0.49×1.75×-3.19×-2.25×
Cash conversion cycle (days)130211-8,45227-7-64-14014