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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
+203.5%
€13.90
vs €4.58 price
Levered DCF
€11.72
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
6.89
Safe zone
Rating
S-
Overall 5 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E9.2×8.72×6.83×10.65×8.75×14.79×11.63×10.17×
P/B1.26×0.93×0.83×0.8×0.82×0.86×1.19×1.13×
P/S1.46×1.18×1.09×0.97×1.21×1.38×1.57×1.19×
EV / EBITDA6.77×2.13×5.23×5.32×4.23×6.75×5.76×4.73×
Gross margin46.8%48.6%46.0%40.9%44.1%45.5%46.0%46.7%
Operating margin16.9%48.6%16.6%13.4%13.5%13.1%15.2%16.8%
Net margin15.9%13.6%15.8%9.0%14.0%9.6%13.3%11.8%
Current ratio5.15×4.63×4.96×5.37×6.04×7.28×5.49×4.82×
Debt / equity0.01×0.02×0.01×0×0.01×0.01×0.01×0×
Interest coverage49.25×137.43×51.73×30.32×38.27×29.51×21.14×0×
Dividend yield5.5%6.5%4.6%5.2%3.8%3.4%2.5%2.0%
Payout ratio50.1%56.3%32.0%56.2%32.8%48.8%29.7%20.5%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity13.7%10.7%12.0%7.4%9.5%6.0%10.1%11.2%
Return on invested capital11.0%28.1%9.4%8.5%7.1%6.2%8.2%11.0%
Return on assets11.2%8.6%9.9%6.2%7.9%5.1%8.2%9.0%
Free cash flow yield6.6%12.5%-4.3%11.5%17.1%2.1%8.7%16.1%
Earnings yield10.9%11.5%14.5%9.3%11.6%6.9%8.5%10.0%
Enterprise value€47.1M€33.7M€28.8M€21M€19.5M€20.5M€28.2M€23.7M
Net debt / EBITDA-0.82×-0.18×-0.44×-1.73×-1.72×-2.16×-1.72×-1.65×
Cash conversion cycle (days)253272254220221294206203