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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
-3594.3%
-€85.26
vs €2.44 price
Levered DCF
-€109.75
After debt service
Piotroski score
1 / 9
Weak
Altman Z-score
-2
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-4.02×-50.56×-40.41×-60.83×-87.1×-97.27×-45.65×-12.98×
P/B0.6×14.33×27.38×20.78×42.64×47.72×15.8×9.75×
P/S6.22×65.32×64.17×96.28×195.4×223.69×78×78.79×
EV / EBITDA-5.03×-61.25×-51.89×-85.55×-131.11×-146.84×-61.36×-35.6×
Gross margin-235.6%-145.3%-128.4%-137.7%-232.4%-263.5%-159.8%-91.4%
Operating margin-298.8%-212.5%-176.9%-201.2%-310.5%-343.7%-218.0%-259.3%
Net margin-154.3%-127.7%-159.4%-157.8%-223.7%-231.5%-170.3%-606.0%
Current ratio0.46×0.25×1.03×2.24×2.32×2.24×3.07×4.12×
Debt / equity1.08×1.58×2.36×0.3×0.21×0.21×0.16×0×
Interest coverage-16.1×-15.39×-35.78×-14.71×-68.63×-93.91×-90.46×0×
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-14.8%-28.0%-68.0%-34.1%-48.8%-49.4%-34.5%-75.0%
Return on invested capital-13.7%-17.6%-19.6%-27.2%-55.8%-60.6%-38.1%-32.1%
Return on assets-6.3%-9.3%-13.7%-17.2%-31.4%-32.6%-24.4%-60.0%
Free cash flow yield-64.4%-7.5%-8.6%-2.6%-0.8%-0.8%-2.9%-1.9%
Earnings yield-24.8%-2.0%-2.5%-1.6%-1.1%-1.0%-2.2%-7.7%
Enterprise value€198.4M€1.5B€1.3B€1.7B€2.1B€2.2B€1B€805.7M
Net debt / EBITDA-2.73×-5.21×-2.86×2.06×1.51×1.13×2.04×3.68×
Cash conversion cycle (days)1041453439183253276271