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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
-538.5%
-€13.42
vs €3.06 price
Levered DCF
€3.89
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
-3.85
Distress zone
Rating
S-
Overall 5 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-3.75×-2.99×-1,451.72×-41.6×45.05×-271.14×-599.73×-552.74×
P/B0.99×0.69×26.89×90.53×29.98×470.55×433.65×301.27×
P/S1.12×1.07×16.66×71.53×59.8×114.36×138.08×233.45×
EV / EBITDA-21.16×-35.57×96.06×785.64×-136.42×-12,554.54×-214.09×-294.17×
Gross margin82.7%83.0%78.7%81.5%86.4%88.3%84.4%78.9%
Operating margin-7.8%-13.0%14.8%6.2%-122.8%-18.5%-74.8%-87.5%
Net margin-30.1%-35.7%-1.1%-171.6%131.1%-42.9%-23.5%-42.1%
Current ratio2.43×1.55×1.76×1.8×0.82×3.15×1.94×3.55×
Debt / equity0.04×0.04×0.06×0.07×0.06×3.24×2.34×0.83×
Interest coverage-73.21×-144.27×318.8×9.75×-9.5×-1.82×-8.62×-10.36×
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-26.6%-23.1%-1.8%-217.2%65.7%-176.6%-73.9%-54.3%
Return on invested capital-6.6%9.2%3.9%6.5%-54.9%-11.4%-48.7%-27.0%
Return on assets-19.2%-14.4%-1.2%-135.0%49.6%-23.1%-12.6%-22.7%
Free cash flow yield-30.0%-21.0%-0.5%-0.3%1.7%-0.1%-0.8%-0.3%
Earnings yield-26.7%-33.3%-0.1%-2.4%2.2%-0.4%-0.2%-0.2%
Enterprise value€11.9M€10.7M€535.3M€1.8B€1.7B€3.5B€4.3B€4.9B
Net debt / EBITDA5.32×7.84×-0.35×-2.09×0.29×-26.46×-0.6×0.35×
Cash conversion cycle (days)53280521524721335749172