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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
-96.7%
€1.20
vs €36.20 price
Levered DCF
€4.56
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
14.42
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/E49.92×31.8×-32.07×560.56×56.93×94.76×30.95×70.09×
P/B8.12×2×1.59×1.23×1.62×1.81×2.07×2.5×
P/S8.9×2.65×2.28×1.72×2.18×2.64×3.08×4.38×
EV / EBITDA32.23×12.75×34.95×13.74×14.46×15.51×15.93×35.86×
Gross margin74.4%74.4%73.5%76.1%73.8%73.4%77.4%84.3%
Operating margin16.3%10.1%-5.7%0.4%3.7%2.7%8.4%4.5%
Net margin17.9%8.6%-7.2%0.3%3.8%2.8%10.2%6.4%
Current ratio2.51×2.42×1.51×2.63×2.89×3.28×3.72×3.24×
Debt / equity0.15×0.19×0.21×0.19×0.19×0.2×0.2×0.01×
Interest coverage21.56×5.38×-3.82×0.88×9.16×6.48×28.12×2.2×
Dividend yield0.3%0.9%1.0%1.0%0.6%0.0%2.3%3.9%
Payout ratio16.4%28.8%-32.9%564.4%33.4%0.0%70.0%266.1%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity16.3%6.5%-5.0%0.2%2.8%1.9%6.8%3.7%
Return on invested capital12.9%6.3%-3.3%-0.1%2.3%1.5%5.1%3.0%
Return on assets11.2%4.4%-3.4%0.1%2.0%1.4%5.0%3.0%
Free cash flow yield0.7%7.8%-3.8%-0.0%-0.1%-4.4%-3.8%-7.3%
Earnings yield2.0%3.2%-3.2%0.2%1.8%1.1%3.3%1.5%
Enterprise value€1.1B€224.8M€185.5M€151.2M€195.2M€210.2M€225.1M€267.4M
Net debt / EBITDA-0.03×-0.05×2.68×0.83×0.44×0.26×-0.49×-1.04×
Cash conversion cycle (days)336447547441403368376438