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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
+3527.2%
€40.55
vs €1.12 price
Levered DCF
€30.19
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
0.9
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-10.25×-1.91×14.3×4.14×6.14×-88.44×13.38×6.07×
P/B0.58×0.46×0.92×0.9×1.73×2.92×3.03×2.29×
P/S0.09×0.09×0.22×0.22×0.36×0.41×0.55×0.42×
EV / EBITDA4.24×4.11×2.88×2.3×3.2×7.6×5.63×3.6×
Gross margin37.6%16.2%16.2%12.6%13.3%10.5%6.8%8.7%
Operating margin1.5%-2.7%3.8%6.0%7.9%4.9%7.7%10.4%
Net margin-0.9%-4.7%1.5%5.3%5.9%-0.5%4.1%7.0%
Current ratio1.05×0.97×1.13×1.13×1.23×1.09×0.93×1.01×
Debt / equity4.27×2.96×1.26×1.39×1.56×2.48×2.13×1.46×
Interest coverage0.44×-2.22×3.87×9.94×13.2×7.75×10.21×27.13×
Dividend yield0.0%6.6%8.5%10.2%0.0%0.0%8.4%16.4%
Payout ratio0.0%-12.7%121.8%42.2%0.0%0.0%112.8%98.9%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-5.7%-23.9%6.4%21.8%28.4%-3.3%22.6%37.8%
Return on invested capital1.6%-3.1%3.3%7.3%9.7%-5.2%7.3%13.1%
Return on assets-0.7%-3.8%1.6%5.3%6.1%-0.5%4.1%7.9%
Free cash flow yield73.3%103.6%23.5%26.9%14.7%24.9%12.7%15.4%
Earnings yield-9.7%-52.1%7.0%24.2%16.4%-1.1%7.5%16.5%
Enterprise value€2.2B€2.2B€1.4B€1.4B€2B€2.2B€2.8B€1.9B
Net debt / EBITDA3.44×3.37×0.89×0.72×0.75×1.72×1.55×0.64×
Cash conversion cycle (days)243344383815-4413