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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
+60.2%
€55.49
vs €34.63 price
Levered DCF
€37.95
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
0.71
Distress zone
Rating
A-
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E9.63×5.85×7.61×7.07×5.59×6.37×7.95×10.49×
P/B2.52×1.75×2.09×2.03×2.86×2.8×3.93×2.12×
P/S3.55×2.53×2.33×2.18×2.58×1.99×3.1×1.82×
EV / EBITDA6.61×3.57×4.8×5.29×5.24×6.14×8.05×9.48×
Gross margin67.7%64.2%61.8%34.2%45.0%60.6%41.5%23.8%
Operating margin47.9%45.8%49.0%41.9%57.0%38.2%22.3%2.8%
Net margin36.8%43.2%31.2%30.9%46.2%31.2%39.0%17.4%
Current ratio801.06×0.49×0.58×1.87×2.25×2.76×3.36×2.69×
Debt / equity0.07×0.01×0.35×0.38×0.76×1.03×1.28×0.6×
Interest coverage106.74×65.42×66.22×38.86×37.95×24.2×31.23×12.82×
Dividend yield6.5%6.2%7.4%9.5%5.7%7.9%7.0%18.0%
Payout ratio63.0%36.4%55.0%67.1%32.0%50.2%55.8%187.7%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity26.2%30.0%28.0%28.7%51.2%44.1%49.5%20.3%
Return on invested capital5.3%5.1%6.3%4.7%6.7%5.1%2.3%0.3%
Return on assets4.9%5.6%4.4%4.3%6.1%4.5%4.5%1.7%
Free cash flow yield13.8%-5.9%14.1%-5.3%25.9%10.4%30.4%-3.0%
Earnings yield10.4%17.1%13.4%14.2%17.9%15.7%12.6%9.6%
Enterprise value€4.7B€3B€3.3B€3.1B€4.1B€3B€3.9B€1.6B
Net debt / EBITDA-0.51×-0.44×0.11×0.41×0.92×1.24×1.98×2.1×
Cash conversion cycle (days)43-23194505945499110