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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
-488.6%
-€38.66
vs €9.95 price
Levered DCF
-€17.99
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
1.66
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-25.47×-15.44×-21.53×92.2×35.2×24.57×33.5×-62.62×
P/B1.9×1.15×1.77×1.66×6.11×4.96×11.43×17.62×
P/S2.34×1.67×2.82×3.56×11.16×9.64×7.83×9.87×
EV / EBITDA11.83×12×23.97×16.22×23.43×17.43×20.15×-109.12×
Gross margin-7.5%69.1%17.5%26.5%52.8%62.1%51.2%2.9%
Operating margin-1.3%-14.4%-11.0%0.4%27.8%40.1%32.4%-14.8%
Net margin-9.0%-10.8%-13.1%4.4%31.3%39.5%24.0%-15.8%
Current ratio1.23×1.61×2.23×3.25×3.26×4.41×1.81×1.95×
Debt / equity0.05×0.43×0.3×0.15×0.13×0.06×0.42×0.69×
Interest coverage-0.48×-3.14×-3.01×0.28×59.13×60.34×35.54×-11.87×
Dividend yield0.9%1.8%0.3%0.0%0.0%0.0%0.0%0.0%
Payout ratio-24.0%-27.2%-7.3%0.0%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-7.3%-7.5%-8.2%2.0%17.1%20.3%35.1%-28.1%
Return on invested capital-0.8%-2.9%-4.7%-0.5%13.3%19.5%26.1%-14.2%
Return on assets-3.9%-3.9%-5.0%1.4%12.6%16.1%15.5%-10.6%
Free cash flow yield9.8%-3.5%-0.8%-4.6%-4.1%-4.6%0.8%-5.5%
Earnings yield-3.9%-6.5%-4.6%1.2%2.8%4.1%3.1%-1.6%
Enterprise value€178.5M€142.4M€207.5M€199.9M€186.5M€120.5M€61.1M€61.6M
Net debt / EBITDA-0.41×2.38×1.73×-0.1×0.22×-1.23×0.27×-2.26×
Cash conversion cycle (days)204133218372355378311274