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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
-11.1%
€4.27
vs €4.80 price
Levered DCF
-€12.24
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
-1.76
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-3.32×2.82×-12.31×12.61×189.39×-9.91×13.96×5.35×
P/B-2.43×-9.77×3.72×2.42×2.68×2.53×2.84×2.47×
P/S0.85×0.8×0.46×0.38×0.47×0.46×0.53×0.36×
EV / EBITDA-8.14×3.53×29.63×6.15×11.29×44.4×7.86×4.07×
Gross margin-21.3%-28.9%32.7%3.5%1.6%-4.1%43.1%49.2%
Operating margin-23.9%27.9%0.3%1.6%0.6%-3.9%2.7%8.6%
Net margin-25.6%28.5%-3.7%3.0%0.2%-4.7%3.8%6.8%
Current ratio1.03×0.93×0.9×1×1.08×1.42×0.9×0.89×
Debt / equity-0.84×-3.48×1.46×1.1×1.63×2.18×0.61×0.84×
Interest coverage-14.44×14.66×0.21×3.75×1.62×-14.48×10.3×27.72×
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 equity73.0%-346.5%-30.2%19.1%1.4%-25.7%20.4%46.2%
Return on invested capital-53.5%52.4%0.9%3.3%-21.6%-6.7%1.5%15.4%
Return on assets-31.1%31.6%-5.2%4.6%0.3%-5.1%6.8%13.6%
Free cash flow yield-14.8%-1.9%-12.7%20.7%-19.1%-1.9%1.2%-0.1%
Earnings yield-30.1%35.5%-8.1%7.9%0.5%-10.2%7.2%18.7%
Enterprise value€11.9M€12.7M€12.5M€9.6M€10.5M€8.6M€11.3M€8.6M
Net debt / EBITDA-1.93×0.78×7.1×1.14×3.67×10.53×1.3×0.96×
Cash conversion cycle (days)3745-26-52431-22