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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
-260.6%
-€0.74
vs €0.46 price
Levered DCF
-€1.19
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
1.46
Distress zone
Rating
D+
Overall 1 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-54×23.47×-8.48×-15.18×-8.97×19.15×-2.2×-3.45×
P/B10.29×7.65×-12.5×-34.01×-37.11×6.71×-9.63×4.27×
P/S2.78×2.65×3.96×4.95×0.46×0.26×0.34×0.52×
EV / EBITDA-31.18×-19.51×-15.62×-33.75×41.55×5.92×50.56×26.06×
Gross margin11.0%18.3%15.2%16.9%11.3%6.7%8.0%6.1%
Operating margin-19.1%-32.2%-39.4%-47.7%-1.6%-1.9%-4.5%-40.5%
Net margin-5.1%11.3%-46.7%-32.6%-5.1%1.4%-15.2%-15.0%
Current ratio0.68×0.59×0.77×1.03×1.09×1.15×0.57×0.37×
Debt / equity1.43×1.36×-6.21×-18.22×-33.07×10.51×-31.87×18.8×
Interest coverage-8.72×-13.83×-1.63×-1.36×-0.56×-0.55×-0.85×-2.6×
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-19.0%32.6%147.5%224.2%413.6%35.0%432.1%-123.8%
Return on invested capital-22.5%-33.9%-15.9%-14.3%-3.4%-2.8%-2.1%-16.0%
Return on assets-3.9%8.6%-18.5%-6.3%-6.9%1.5%-8.0%-4.6%
Free cash flow yield-5.4%-7.8%-15.7%-10.5%12.6%-18.8%1.4%-36.3%
Earnings yield-1.8%4.3%-11.8%-6.6%-11.1%5.2%-44.9%-29.0%
Enterprise value€97.6M€89.3M€110.6M€117M€109.3M€89.8M€124.4M€109.7M
Net debt / EBITDA-3.52×-2.84×-4.79×-10.38×16.62×3.47×38.6×21.18×
Cash conversion cycle (days)-16-409772213608891