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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
-768.3%
-€172.29
vs €25.78 price
Levered DCF
-€188.89
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
1.18
Distress zone
Rating
C
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-0.69×0.08×-0.23×-0.99×-1.38×14.84×2.35×8.92×
P/B-1.24×0.05×14.21×0.26×0.92×1.19×1.13×0.93×
P/S0.12×0×0.07×0.09×0.38×0.73×0.69×0.46×
EV / EBITDA2.73×0.79×-1.71×-57.11×-3.25×6.66×8.04×8.19×
Gross margin21.9%33.6%32.7%14.5%32.3%36.7%38.0%31.0%
Operating margin5.5%-27.8%-29.0%-7.1%-25.5%5.8%5.7%6.8%
Net margin-17.5%2.6%-32.2%-9.0%-27.3%4.9%29.3%5.1%
Current ratio1.33×1.58×0.92×1.03×1.15×1.33×1.09×1.17×
Debt / equity-3.51×3.52×99.56×1.55×1.32×0.74×0.77×0.89×
Interest coverage0.97×-7.03×-9.86×-6.57×-39.54×11.21×7.25×26.13×
Dividend yield0.0%31.6%4.1%0.9%2.4%0.0%0.7%1.2%
Payout ratio0.0%5.2%-0.9%-0.9%-3.3%0.0%1.6%10.8%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity178.4%31.0%-6256.4%-26.7%-66.8%8.0%48.0%10.4%
Return on invested capital12.9%-29.7%-47.1%-7.2%-23.1%4.3%3.8%5.1%
Return on assets-22.2%3.0%-30.5%-6.2%-17.6%3.0%18.2%2.9%
Free cash flow yield-9.3%-4487.4%-79.1%17.7%2.6%11.0%12.9%11.4%
Earnings yield-144.2%602.9%-440.3%-101.5%-72.3%6.7%42.5%11.2%
Enterprise value€2.5B€1.1B€4B€3.5B€6.6B€10B€11B€8.5B
Net debt / EBITDA1.66×0.76×-1.37×-41.03×-1.22×1.21×2.2×2.77×
Cash conversion cycle (days)3497142735361331