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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
-71.0%
€0.25
vs €0.85 price
Levered DCF
€0.39
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
-1.48
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-3.3×-2.26×-1.1×-2.85×-19.18×-22.52×-20.52×-82.07×
P/B1.11×0.79×1.23×0.79×2.5×4.53×-26.09×118.15×
P/S2.3×1.39×0.48×0.65×2.87×11.03×7.26×18.14×
EV / EBITDA-5.91×-22.14×-4.92×-10.49×-189×-48.63×-72.86×-447.87×
Gross margin18.1%43.6%34.5%31.5%31.6%42.6%41.5%48.0%
Operating margin-61.9%-38.7%-34.4%-15.2%-15.1%-31.1%-22.2%-11.5%
Net margin-69.4%85.0%-43.8%-22.8%-15.0%-49.0%-35.4%-22.3%
Current ratio0.73×1.08×0.79×1.16×0.63×3.13×0.3×0.85×
Debt / equity0.44×0.3×1.66×0.14×0.21×0.2×-4.56×7.87×
Interest coverage-5.71×-1.4×-4.14×-3.09×-15.84×-3.25×-2.48×-1.17×
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-33.6%48.2%-111.3%-27.6%-13.0%-20.1%127.3%-145.4%
Return on invested capital-20.6%-16.6%-31.3%-9.9%-10.1%-10.3%-17.5%-5.9%
Return on assets-13.3%22.0%-30.2%-12.8%-8.1%-13.7%-22.0%-9.9%
Free cash flow yield-10.8%5.5%-2.5%-29.3%-3.7%-2.6%-2.4%-1.5%
Earnings yield-30.2%61.2%-90.8%-35.0%-5.2%-4.4%-4.9%-1.2%
Enterprise value€81.9M€145.9M€191.4M€108.9M€518.6M€668.5M€585.5M€529.4M
Net debt / EBITDA2.67×-4.52×-2.54×1.49×-10.41×6.66×-10.52×-24.05×
Cash conversion cycle (days)-19-59-36-1-139-22-14