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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
-100.6%
-€0.09
vs €16.00 price
Levered DCF
-€1.48
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
2.66
Grey zone
Rating
A+
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-8.02×-4.38×-80.94×5×-15.07×-37.96×-40×-21.66×
P/B0.95×1.22×1.05×0.9×1.08×1.15×1.28×1.83×
P/S6.37×1.22×1.45×1.72×6.12×4.97×9.19×31.54×
EV / EBITDA-14.76×35.26×9.33×8.17×-107.97×22.05×177.35×-19.99×
Gross margin-3.4%49.9%63.4%64.3%77.3%74.7%80.0%74.0%
Operating margin-89.8%11.3%21.9%20.5%-0.2%-2.9%-5.7%-136.1%
Net margin-79.3%-27.8%-2.7%34.3%-40.7%-13.0%-23.1%-145.6%
Current ratio0.64×1.27×2.47×2.92×1.85×8.56×2.51×8.5×
Debt / equity0.14×1.31×1.06×0.91×1.2×0.24×0.48×0.27×
Interest coverage-14.63×1.62×2.97×2.36×-0.02×-0.38×-1.02×0×
Dividend yield0.0%0.9%0.0%0.0%0.0%0.0%0.0%0.0%
Payout ratio0.0%-4.1%0.0%0.0%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-11.8%-27.7%-2.0%18.0%-7.2%-3.0%-3.2%-8.4%
Return on invested capital-2.9%3.0%2.1%2.6%-0.0%-0.5%-0.5%-5.5%
Return on assets-2.8%-7.0%-0.8%7.5%-2.6%-2.2%-1.8%-5.6%
Free cash flow yield-5.3%14.0%11.1%13.0%-3.6%1.7%0.0%-3.0%
Earnings yield-12.5%-22.8%-1.9%20.0%-6.6%-2.6%-2.5%-4.6%
Enterprise value€181.1M€456.6M€489.1M€423.4M€474.7M€185.8M€191.9M€66.3M
Net debt / EBITDA-1.18×16.46×4.17×3.44×-53.63×-8.4×36.62×5.68×
Cash conversion cycle (days)1225964171622821,0341,931