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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
+223.8%
€27,688.03
vs €8,550.00 price
Levered DCF
€17,733.20
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
10.2
Safe zone
Rating
B+
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E275.82×142.93×45.66×60.64×122.27×24.59×133.17×100.16×
P/B0.12×1.05×0.71×0.69×0.81×0.72×0.78×0.9×
P/S2.01×15.29×8.72×8.55×12.39×8.28×7.62×8.25×
EV / EBITDA27.09×63.91×19.72×26.26×54.68×6.68×33.46×35.93×
Gross margin33.5%31.8%31.6%31.4%33.7%32.1%33.9%32.4%
Operating margin-9.8%-1.6%-4.3%-0.6%-8.3%18.4%-1.1%-2.7%
Net margin6.1%12.6%19.1%14.1%10.1%33.7%5.7%8.2%
Current ratio6.62×7.48×6.59×8.19×8.41×5.64×5.29×5.85×
Debt / equity0.03×0.02×0.03×0.02×0.02×0.06×0.05×0.04×
Interest coverage-28.64×2.31×-3.04×-1.84×-8.92×59.76×-27.59×-9.62×
Dividend yield6.6%0.7%1.3%0.7%0.6%0.9%0.8%0.7%
Payout ratio217.1%89.0%59.7%43.3%74.2%20.9%102.0%67.4%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity0.4%0.9%1.6%1.1%0.7%2.9%0.6%0.9%
Return on invested capital-0.1%-0.1%-0.3%-0.0%-0.4%1.4%-0.1%-0.2%
Return on assets0.4%0.8%1.5%1.1%0.6%2.7%0.5%0.8%
Free cash flow yield-6.7%-0.7%0.3%0.4%0.7%7.2%0.5%-1.1%
Earnings yield3.0%0.8%2.2%1.6%0.8%4.1%0.8%1.0%
Enterprise value-€335.9M€1.8B€724.4M€613.2M€840.9M€420.5M€610.2M€770.2M
Net debt / EBITDA49.28×-23.3×-17.97×-28.01×-42.25×-10.24×-31.35×-26.78×
Cash conversion cycle (days)13213013111294786476