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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
+214.3%
€1.02
vs €0.33 price
Levered DCF
-€3.60
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
0.58
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-4.17×-0.92×-2.12×29.85×8.14×12.73×9,900×8.96×
P/B1.06×0.2×0.77×1.32×1.64×2.46×1.36×2.86×
P/S3.99×0.88×0.61×0.94×1.29×1.45×1.07×1×
EV / EBITDA-36.88×-22×-25.2×26.46×10.55×15.4×12.69×8.75×
Gross margin35.9%-49.1%8.7%9.5%27.0%15.9%20.1%32.4%
Operating margin-0.1%-96.6%-16.7%9.7%26.6%19.1%13.4%22.9%
Net margin-95.8%-96.2%-29.4%3.2%15.6%11.5%0.0%11.3%
Current ratio2.31×2.07×0.98×1.73×1.97×1.44×1.32×1.66×
Debt / equity2.48×2.09×5.27×3.07×2.47×2.69×1.16×3.12×
Interest coverage0×-1.62×-0.9×1.44×3.44×5.43×0.91×2.56×
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-25.4%-22.2%-37.0%4.5%19.9%19.5%0.0%32.4%
Return on invested capital-0.0%-6.8%-2.5%2.2%6.5%6.4%-41.9%9.1%
Return on assets-5.8%-6.4%-4.8%0.8%4.8%4.1%0.0%6.2%
Free cash flow yield-79.0%-103.2%-101.7%-43.1%11.0%-54.6%75.2%-36.1%
Earnings yield-24.0%-109.7%-47.8%3.4%12.1%7.9%0.0%11.3%
Enterprise value€134M€82.8M€111.9M€112.7M€99.4M€94.6M€26.4M€62.6M
Net debt / EBITDA-25.78×-19.41×-21.89×18.35×6.24×8×5.5×4.4×
Cash conversion cycle (days)7,0252,2311,488983830815589573