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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
-77.5%
€121.28
vs €540.00 price
Levered DCF
-€256.55
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
0.41
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-13.42×-13.47×-2.42×14.69×15.86×12.24×11.44×2.82×
P/B1.37×1.15×1.01×0.99×1.12×0.89×1.05×0.96×
P/S0.49×0.32×0.33×0.4×0.41×0.3×0.32×0.33×
EV / EBITDA-92.83×26.23×-4.35×11.75×8.85×6.78×8.95×3.54×
Gross margin13.5%14.7%8.8%12.9%12.5%11.9%13.2%21.7%
Operating margin-2.0%-0.3%-15.9%4.1%5.2%4.9%4.5%5.1%
Net margin-3.6%-2.3%-13.5%2.7%2.6%2.4%2.8%11.6%
Current ratio1.57×1.17×1.4×1.51×1.55×1.6×1.46×1.58×
Debt / equity1.44×1.57×1.37×1.19×1.65×1.53×1.28×1.25×
Interest coverage-1.17×-0.2×-17.02×5.5×5.81×6.04×5×4.85×
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-10.2%-8.5%-41.9%6.8%7.0%7.3%9.2%34.0%
Return on invested capital-0.8%-0.3%-14.9%3.2%3.9%3.9%4.4%6.2%
Return on assets-2.0%-1.6%-8.7%1.7%1.6%1.7%2.2%9.0%
Free cash flow yield-22.6%27.7%14.2%-2.0%2.9%34.7%17.5%6.1%
Earnings yield-7.4%-7.4%-41.4%6.8%6.3%8.2%8.7%35.5%
Enterprise value€1.6B€1.3B€1.3B€1.6B€1.5B€1.1B€1.4B€1.3B
Net debt / EBITDA-40.17×9.6×-1.7×3.73×2.02×1.62×2.91×1.36×
Cash conversion cycle (days)1215512217011797111143