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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
+789.3%
€2.99
vs €0.34 price
Levered DCF
€0.79
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
0.19
Distress zone
Rating
B-
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-4.56×2.21×-2.32×-0.61×-0.82×-6.29×9.64×16.6×
P/B0.4×0.24×0.33×0.44×1.1×0.35×0.39×0.47×
P/S0.12×0.08×0.09×0.12×0.38×0.31×0.15×0.18×
EV / EBITDA4.47×3.41×5.49×5.48×9.22×12.02×5.93×6.14×
Gross margin26.6%60.8%55.1%55.0%62.1%61.1%52.7%53.4%
Operating margin5.9%8.2%3.6%4.6%7.2%5.1%4.2%5.0%
Net margin-2.6%3.8%-3.7%-20.1%-46.7%-4.9%1.5%1.1%
Current ratio1.62×1.78×0.57×1.62×1.55×1.26×1.16×1.42×
Debt / equity2.12×2.02×2.32×1.96×3.59×1.7×1.26×1.11×
Interest coverage0.76×0.95×0.57×0.78×0.71×0.52×1.11×1.25×
Dividend yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%2.4%
Payout ratio0.0%0.0%0.0%0.0%0.0%0.0%0.0%39.1%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-8.9%11.1%-14.3%-72.5%-134.6%-5.6%4.0%2.9%
Return on invested capital6.2%6.8%4.0%5.4%4.4%2.0%4.4%5.5%
Return on assets-2.3%3.3%-3.4%-18.8%-18.8%-1.6%1.3%1.0%
Free cash flow yield32.2%134.1%74.8%39.0%8.6%67.5%19.4%12.3%
Earnings yield-22.0%46.0%-43.1%-165.3%-121.9%-15.9%10.4%6.2%
Enterprise value€153.9M€177.4M€170.7M€185.2M€399.2M€358.6M€410.1M€376.9M
Net debt / EBITDA3.6×2.97×4.66×4.27×6.77×9.37×4.48×4.2×
Cash conversion cycle (days)401456694125121115111