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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
+152.4%
€110.31
vs €43.70 price
Levered DCF
€92.88
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
1.81
Distress zone
Rating
C
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-33.47×-50.8×-83.18×-37.57×-135×-6.58×-2.41×1.81×
P/B4.42×2.59×2.63×2.38×3.49×1.49×1.62×1.17×
P/S5.47×5.28×4.69×5.31×5.18×13.86×136.5×4.7×
EV / EBITDA-472.08×36.63×21.72×53.79×26.4×-29.64×-2.57×0.33×
Gross margin-6.8%42.5%11.8%16.3%42.8%33.5%-439.2%38.5%
Operating margin-27.6%-9.5%24.8%29.5%-6.6%-14.6%-6195.2%-14.2%
Net margin-16.4%-10.4%-5.8%-14.0%-7.9%-210.7%-5162.1%260.6%
Current ratio4.93×18.34×2.26×11.85×13.54×8.72×156.59×192.44×
Debt / equity1.11×0.33×0.55×0.66×1.21×2.5×0×0×
Interest coverage-3.15×-1.96×4.16×4.72×-0.84×-0.17×-568.55×0×
Dividend yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Payout ratio0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-13.2%-5.1%-3.2%-6.3%-5.3%-22.7%-61.2%65.0%
Return on invested capital-7.7%-2.9%8.1%7.2%-1.8%-0.3%-52.5%-2.7%
Return on assets-4.5%-3.2%-1.8%-3.5%-2.2%-4.6%-43.5%56.5%
Free cash flow yield0.7%1.2%1.1%1.6%0.8%-11.8%-37.8%55.4%
Earnings yield-3.0%-2.0%-1.2%-2.6%-1.5%-15.2%-37.8%55.4%
Enterprise value€1.1B€598.9M€350.6M€259.1M€189.1M€39.3M€12.9M€3M
Net debt / EBITDA-58.96×0.92×1.15×7.43×5.67×-18.38×0.07×-1.17×
Cash conversion cycle (days)5535464127-1632,544216