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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
-338.0%
-€26.42
vs €11.10 price
Levered DCF
€1.21
After debt service
Piotroski score
8 / 9
Strong
Altman Z-score
2.42
Grey zone
Rating
B
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E84.95×-11.57×-20.11×-2,541.46×74.67×-640.77×25.45×68.5×
P/B2.27×1.86×2.11×2.87×3.81×4.96×4.31×5.33×
P/S0.85×0.67×0.8×1.3×1.9×2.52×1.76×2.03×
EV / EBITDA48.17×-17.94×63.28×-76.89×137×585.7×15.21×27.75×
Gross margin58.6%55.3%59.8%57.6%59.0%51.5%54.4%49.3%
Operating margin-2.2%-11.3%-2.4%-7.5%1.4%-2.6%7.1%2.3%
Net margin1.0%-5.7%-4.0%-0.1%1.4%-0.4%6.9%3.0%
Current ratio1.41×1.49×1.85×1.86×1.8×1.59×2.21×2.19×
Debt / equity0.87×1.13×0.89×0.66×0.63×0.66×0.35×0.3×
Interest coverage-1.36×-7.74×-2.4×-15.17×1.78×-5.55×25.16×9.51×
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 equity2.7%-16.0%-10.5%-0.1%2.9%-0.8%17.0%7.9%
Return on invested capital0.7%-7.3%-3.3%-0.1%1.7%-0.2%13.9%4.9%
Return on assets0.8%-4.5%-3.7%-0.0%1.2%-0.3%8.1%3.9%
Free cash flow yield0.9%-16.3%-1.8%-9.2%-2.0%1.9%3.7%2.9%
Earnings yield1.2%-8.6%-5.0%-0.0%0.8%-0.2%3.9%1.5%
Enterprise value€106.7M€90.9M€108.5M€140.4M€163.3M€182.7M€115.9M€115M
Net debt / EBITDA11.64×-5.62×16.44×-12.62×11.09×20.48×-0.13×0.05×
Cash conversion cycle (days)119203639366607377