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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
+286.3%
€326.94
vs €84.63 price
Levered DCF
-€1,089.68
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
0.07
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/E12.24×6.45×6.91×5.07×5.63×9.3×9.08×7,657.72×
P/B0.25×0.18×0.18×0.17×0.21×0.29×0.38×370.03×
P/S1.02×1.3×1.28×0.68×0.89×1.13×1.37×1,926.64×
EV / EBITDA91.93×74.18×4.46×67.58×48.81×53.79×0×0×
Gross margin46.6%101.8%101.0%61.8%67.0%63.8%100.0%100.0%
Operating margin9.5%24.9%22.2%21.9%23.0%20.4%0.0%34.6%
Net margin8.3%20.1%18.5%13.3%15.9%12.1%15.1%25.1%
Current ratio0.03×0.02×0.01×0.03×0.03×0.04×0.04×1.93×
Debt / equity2.44×2.59×0.02×3.05×2.75×2.83×2.67×2,847.64×
Interest coverage0.18×0.23×0.24×0.84×0.95×0.76×0×0.3×
Dividend yield3.0%3.3%5.2%5.6%2.3%1.9%1.5%1.6%
Payout ratio36.3%21.4%35.9%28.6%12.7%18.0%13.3%12073.9%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity2.1%2.8%2.6%3.4%3.8%3.1%4.2%4.8%
Return on invested capital0.4%1.6%0.6%1.0%1.1%0.9%0.0%63.2%
Return on assets0.4%0.5%0.5%0.6%0.7%0.5%0.8%0.8%
Free cash flow yield23.2%-26.7%-57.3%77.2%21.5%12.2%10.8%0.0%
Earnings yield8.2%15.5%14.5%19.7%17.8%10.8%11.0%0.0%
Enterprise value€8.2B€7.7B€402.8M€8B€7.4B€7B€6.7B€6.6B
Net debt / EBITDA83.24×69.37×-0.72×63.95×45.24×48.78×0×0×
Cash conversion cycle (days)-136-8-98719912300