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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
-50.8%
€28.66
vs €58.28 price
Levered DCF
€17.93
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
1.24
Distress zone
Rating
B+
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E7.84×6.8×5.76×3.05×4.72×12.63×9.79×6.45×
P/B0.6×0.54×0.73×0.63×0.79×0.78×0.81×0.8×
P/S0.43×0.35×0.42×0.38×0.52×0.48×0.46×0.47×
EV / EBITDA7.53×5.83×4.54×3.39×5.54×11.06×10.17×8.71×
Gross margin20.6%21.4%23.9%21.9%25.4%19.5%23.0%24.5%
Operating margin7.4%8.1%11.9%9.8%12.1%4.9%6.9%9.1%
Net margin5.5%5.1%7.3%12.6%11.1%3.8%4.7%7.2%
Current ratio1.12×1.1×1.09×1.09×1.13×1.14×1.1×1.18×
Debt / equity1.11×0.93×0.8×0.82×1.13×1.44×1.66×1.5×
Interest coverage36.69×50.83×105.07×64.15×62.82×21.6×31.17×37.77×
Dividend yield4.6%7.6%8.4%7.0%2.1%3.5%4.9%5.7%
Payout ratio36.3%51.9%48.1%21.3%10.1%44.3%48.1%37.7%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity7.6%7.9%12.6%20.6%16.7%6.2%8.3%12.1%
Return on invested capital3.0%3.9%6.4%5.5%5.4%2.0%2.7%3.9%
Return on assets2.6%2.7%4.5%7.3%5.4%1.7%2.2%3.3%
Free cash flow yield-5.2%-9.4%10.0%26.4%15.9%14.9%-6.7%-5.9%
Earnings yield12.8%14.7%17.4%32.7%21.2%7.9%10.2%15.2%
Enterprise value€144.6B€115.8B€119.2B€109.5B€126.1B€121.7B€134.8B€121.2B
Net debt / EBITDA4.56×3.34×2.07×1.69×2.97×6.73×6.54×5.42×
Cash conversion cycle (days)143143402635303126