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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
-95.8%
€3.55
vs €84.00 price
Levered DCF
€0.00
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
147.18
Safe zone
Rating
B
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E18.52×18.38×19×28.57×28.61×22.67×23.31×25.32×
P/B2.73×2.62×2.64×3.65×3.68×2.9×2.85×2.97×
P/S1,022,169.73×17.94×18.51×27.82×28.03×22.29×22.86×24.79×
EV / EBITDA-795.69×-744.91×-693.17×-853.45×27.15×-966.75×978.49×1,004.16×
Gross margin100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%
Operating margin-128463.1%97.6%97.3%96.7%97.4%-2.3%97.7%97.4%
Net margin5515185.4%97.7%97.5%97.5%98.0%98.2%98.2%98.0%
Current ratio0×9,397.04×795.7×144.5×0×0×8,379.09×37,241.55×
Debt / equity0×0×0×0×0×0×0×0×
Interest coverage0×41,247.31×11,359×0×0×0×0×0×
Dividend yield5.1%5.3%4.8%3.5%3.5%4.2%4.1%4.4%
Payout ratio95.1%97.6%90.9%100.5%99.7%94.6%96.5%110.5%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity14.7%14.3%13.9%12.8%12.9%12.8%12.2%11.7%
Return on invested capital-0.3%14.2%13.9%12.7%12.8%-0.3%12.2%11.7%
Return on assets14.7%14.3%13.9%12.8%12.9%12.8%12.2%11.7%
Free cash flow yield5.1%5.3%4.8%3.5%3.5%4.1%4.2%0.5%
Earnings yield5.4%5.4%5.3%3.5%3.5%4.4%4.3%4.0%
Enterprise value€225M€214.5M€216M€294M€287.8M€234M€228M€237M
Net debt / EBITDA0×0×0×0.06×-0.87×0.05×-0.05×-0.08×
Cash conversion cycle (days)18,629,995325324324319000