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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
+33.5%
€155.94
vs €116.80 price
Levered DCF
€188.04
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
5.74
Safe zone
Rating
A+
Overall 5 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E12.28×11.97×12.64×12.32×18.97×12.85×23.99×12.51×
P/B1.57×1.7×1.86×1.73×2.76×2.22×2.83×1.78×
P/S0.82×0.86×0.93×0.86×1.34×0.92×1.05×0.7×
EV / EBITDA4.21×4.29×4.59×4.67×7.09×4.69×6.98×4.29×
Gross margin42.4%43.5%41.6%40.8%40.8%41.7%73.1%73.2%
Operating margin10.6%11.9%11.9%45.3%11.2%12.5%9.2%9.3%
Net margin6.7%7.2%7.3%7.0%7.1%7.1%4.4%5.6%
Current ratio1.51×1.44×1.41×1.3×1.33×1.1×0.93×1.02×
Debt / equity0.09×0.1×0.12×0.14×0.16×0.2×0.24×0.02×
Interest coverage57.11×61.33×47.9×214.93×51.67×26.97×18.18×55.63×
Dividend yield2.7%2.5%2.4%2.6%1.8%2.2%1.8%2.9%
Payout ratio33.7%30.1%30.3%32.5%34.0%27.9%44.3%36.6%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity12.8%14.2%14.7%14.1%14.6%17.3%11.8%14.3%
Return on invested capital11.3%13.7%13.2%50.8%12.1%15.2%10.6%14.2%
Return on assets7.7%8.4%8.5%8.1%8.2%8.3%5.6%7.7%
Free cash flow yield6.1%10.5%10.8%6.0%2.9%15.6%8.7%7.4%
Earnings yield8.1%8.4%7.9%8.1%5.3%7.8%4.2%8.0%
Enterprise value€604.2M€611.5M€653.4M€606.3M€897.5M€624.7M€795.2M€429.4M
Net debt / EBITDA-0.75×-0.75×-0.5×-0.17×-0.24×-0.32×0.29×-0.24×
Cash conversion cycle (days)2-12-362-15-80-74