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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
+74.5%
€3,735.32
vs €2,140.00 price
Levered DCF
-€282.99
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
2.24
Grey zone
Rating
D+
Overall 1 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-10.19×-13.93×-36.78×43.68×-114.9×-23.69×90.15×58.81×
P/B1.28×1.11×1.53×1,907.74×2,117.81×2.3×2.53×2,586.68×
P/S1.07×1.02×1.36×1.87×2.83×3.76×2.78×2,834.73×
EV / EBITDA14.88×22.14×18.21×13.68×19.6×101.68×18.03×16.53×
Gross margin-3.0%39.4%39.0%44.7%-1.9%-12.9%8.6%46.2%
Operating margin-2.8%-5.9%-2.7%6.1%-2.5%-15.2%4.6%6.9%
Net margin-10.5%-7.3%-3.7%4.3%-2.5%-15.9%3.1%4.8%
Current ratio1.18×1.1×0.93×1.07×0.97×0.98×1.22×1.59×
Debt / equity0.28×0.28×0.24×153.66×216.63×0.21×0.07×9.33×
Interest coverage-2.39×-4.13×-3.23×12.3×-3.07×-12.85×20.18×0.03×
Dividend yield0.0%0.0%0.5%0.0%0.0%0.0%0.5%0.5%
Payout ratio0.0%0.0%-18.7%0.0%0.0%0.0%47.3%31034.5%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-12.6%-8.0%-4.2%4366.0%-1843.0%-9.7%2.8%4.4%
Return on invested capital-2.3%-4.4%-2.3%43.0%-15.8%-7.0%2.3%3.9%
Return on assets-7.4%-4.8%-2.6%2.9%-1.2%-6.5%2.0%3.3%
Free cash flow yield0.0%0.0%0.0%0.0%0.0%9.9%7.7%3.6%
Earnings yield-9.8%-7.2%-2.7%2.3%-0.9%-4.2%1.1%0.0%
Enterprise value€137.5M€137.9M€180.5M€226.9M€248M€269.7M€304.8M€299.6M
Net debt / EBITDA2.3×3.84×1.87×1.02×1.82×7.79×0.28×0.06×
Cash conversion cycle (days)4775754,0587,32990743,774