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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
+174.5%
€0.33
vs €0.12 price
Levered DCF
€0.16
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
-0.53
Distress zone
Rating
C-
Overall 1 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-8.48×-8.04×16.54×1.34×-1.14×-0.88×-3.62×-3.21×
P/B12.83×2.72×1.51×2.13×-0.63×-1.81×1.81×1.31×
P/S0.59×0.29×0.19×0.3×0.21×0.28×0.37×0.34×
EV / EBITDA9.24×9.29×4.79×1.77×-25.44×-20.09×47.05×151.15×
Gross margin-0.6%85.1%36.0%39.6%41.0%32.6%34.8%26.4%
Operating margin-2.4%1.3%6.3%-24.2%-3.7%-17.6%-7.0%-10.8%
Net margin-7.0%-3.6%1.2%22.1%-18.4%-32.9%-10.1%-10.7%
Current ratio0.55×0.72×0.76×0.74×0.64×0.77×1.05×0.59×
Debt / equity9.05×5.02×4×3.92×-4.68×-10.74×6.31×4.33×
Interest coverage-0.52×0.41×1.84×-4.95×-0.97×-10.04×-2.6×-12.03×
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-151.2%-33.8%9.2%158.8%55.5%213.9%-50.1%-40.8%
Return on invested capital-2.8%1.2%4.0%-15.9%-2.3%-9.6%-3.8%-6.3%
Return on assets-3.4%-1.8%0.6%9.6%-6.7%-10.7%-3.5%-3.8%
Free cash flow yield57.7%-37.7%-12.4%120.9%-44.6%-0.6%-91.6%-116.1%
Earnings yield-11.8%-12.4%6.1%74.6%-87.6%-118.3%-27.7%-31.1%
Enterprise value€73.7M€62M€54.9M€62.2M€119.3M€120M€129.6M€106.1M
Net debt / EBITDA3.58×5.82×3.31×1.11×-22.29×-17.08×36.39×115.27×
Cash conversion cycle (days)39-727-44-62-651058116