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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
-255.2%
-€4.05
vs €2.61 price
Levered DCF
-€6.73
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
-0.45
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-2.22×-8.02×-6.12×-18.24×-23.6×-44.5×-1,020.41×4,666.67×
P/B1.47×1.01×0.96×1.25×1.98×3.53×2.69×2.06×
P/S1.58×1.2×1.38×2.67×4.49×7.45×7.23×7.47×
EV / EBITDA-46.9×21.01×15.37×37.88×112.88×43.47×42.35×32.05×
Gross margin43.5%68.3%70.3%15.3%83.4%36.7%82.2%94.2%
Operating margin-6.4%-5.0%-0.8%-4.4%-12.4%-0.7%8.2%10.6%
Net margin-71.1%-14.9%-22.6%-14.6%-19.2%-16.4%-0.7%0.2%
Current ratio0.81×0.89×0.97×1.01×1.44×1.74×1.84×2.83×
Debt / equity1.7×0.66×0.88×0.71×0.57×1×0.88×0.69×
Interest coverage-0.47×-0.45×-0.05×-0.48×-1.36×-0.11×1.15×1.26×
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-66.0%-12.6%-15.7%-6.9%-8.5%-7.8%-0.3%0.0%
Return on invested capital-2.1%-2.0%-0.2%-1.1%-2.7%-0.1%-0.7%0.3%
Return on assets-20.3%-5.4%-7.2%-3.3%-4.1%-3.2%-0.1%0.0%
Free cash flow yield-6.3%-4.0%-0.2%-7.2%-0.7%-2.7%-3.5%-5.9%
Earnings yield-45.1%-12.5%-16.4%-5.5%-4.3%-2.2%-0.1%0.0%
Enterprise value€467.3M€400.7M€490.4M€629.8M€663.1M€306M€134.3M€62.9M
Net debt / EBITDA-24.57×7.64×6.65×12.44×20.4×7.67×8.52×4.29×
Cash conversion cycle (days)-16-38-26-35-113122-1-241