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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
+69.1%
€10.18
vs €6.02 price
Levered DCF
€9.57
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
3.25
Safe zone
Rating
A-
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E13.42×12.91×9.62×15.37×8.36×7.82×-4.09×33.07×
P/B1.31×2.13×1.37×1.11×1.63×1.38×0.88×0.63×
P/S0.73×1.29×0.76×0.61×0.97×0.64×0.3×0.23×
EV / EBITDA7.48×7.25×4.72×5.01×4.86×4.2×0.92×1.82×
Gross margin45.5%53.7%50.3%50.5%51.9%48.4%44.7%49.9%
Operating margin5.1%14.1%11.5%9.5%11.7%10.1%5.1%3.2%
Net margin5.4%9.9%7.9%3.9%11.6%8.1%-7.5%0.7%
Current ratio1.55×1.52×1.59×1.17×1.32×1.26×1.06×0.72×
Debt / equity0.08×0.09×0.13×0.18×0.21×0.31×0.37×0.61×
Interest coverage20.66×19.01×12.93×15.01×24.21×10.14×2.6×2.25×
Dividend yield5.5%2.7%2.5%8.7%4.2%0.0%0.0%0.2%
Payout ratio74.8%34.9%24.2%134.8%34.9%0.0%0.0%5.4%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity9.7%16.5%14.2%7.1%19.5%17.6%-21.6%1.9%
Return on invested capital5.7%14.2%11.8%8.4%11.7%10.5%6.4%2.9%
Return on assets5.8%9.9%8.4%3.6%10.5%8.3%-8.9%0.8%
Free cash flow yield10.9%-2.2%1.9%15.7%13.4%26.4%37.4%49.1%
Earnings yield7.4%7.7%10.4%6.4%12.0%12.7%-24.7%3.0%
Enterprise value€79.1M€143.7M€73.7M€51M€85.1M€57.6M€32.6M€39.9M
Net debt / EBITDA-0.64×-0.14×-0.65×-0.96×-0.37×-0.09×0.22×0.81×
Cash conversion cycle (days)636225-222105663