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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
+31.3%
€3.89
vs €2.96 price
Levered DCF
€3.17
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
6.82
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/E10.07×9.8×10.38×10.29×17.06×16.76×29.15×21.31×
P/B1.6×1.14×1.03×1.37×2.04×2.28×3.49×8.72×
P/S4.32×3.13×3.31×4×4.07×6.61×9.16×9.2×
EV / EBITDA21.57×4.93×4.2×4.48×8.55×9.32×17.1×36.98×
Gross margin15.9%87.5%55.5%13.7%14.2%1.1%12.0%29.2%
Operating margin12.7%35.2%-10.7%10.2%40.5%-5.3%5.2%21.0%
Net margin43.2%32.0%32.3%39.4%23.4%39.3%31.6%43.0%
Current ratio7.74×9.99×9.35×8.49×12.08×7.23×6.13×4.3×
Debt / equity0.02×0.03×0.04×0.05×0.06×0.1×0.14×0.35×
Interest coverage667.15×1,075.94×-35.56×48.6×235.3×-9.72×11.87×89.58×
Dividend yield4.2%5.1%6.0%2.3%0.0%0.6%1.2%0.9%
Payout ratio42.2%49.8%61.9%23.5%0.0%10.2%35.0%19.2%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity15.9%11.7%10.0%13.5%11.7%13.6%12.1%40.8%
Return on invested capital4.3%9.1%-2.5%2.5%15.1%-1.5%1.5%12.1%
Return on assets13.8%10.0%8.6%11.2%9.6%10.7%9.0%21.8%
Free cash flow yield7.7%3.1%8.5%9.0%4.1%0.5%0.5%1.9%
Earnings yield10.0%10.2%9.7%9.8%5.8%5.9%3.5%4.7%
Enterprise value€19M€10.1M€7.8M€10.5M€15.1M€14.9M€21.1M€22.5M
Net debt / EBITDA-1.23×-1.46×-1.79×-1.67×-2.38×-2.33×-2.97×0.27×
Cash conversion cycle (days)3961,018491385273352251188