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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
+143.5%
€59.42
vs €24.40 price
Levered DCF
-€3.67
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
3.62
Safe 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-22.62×17.09×10.8×10.65×29.02×22.9×27.57×14.57×
P/B0.71×0.63×1.07×1.48×2.01×1.63×1.81×2.21×
P/S0.49×0.42×0.55×0.71×1.18×0.9×0.88×0.86×
EV / EBITDA18.07×4.32×5.82×6.36×13.42×9.09×11.1×7.94×
Gross margin12.1%18.8%21.0%23.1%21.8%21.7%21.6%22.3%
Operating margin-2.3%3.2%7.9%9.8%6.0%6.1%5.0%8.6%
Net margin-2.1%2.5%5.1%6.7%4.1%3.9%3.2%5.9%
Current ratio5.31×4.42×3.4×2.61×2.67×3.99×3.55×3.04×
Debt / equity0.11×0.11×0.18×0.26×0.25×0.14×0.2×0.04×
Interest coverage-3.96×5.25×11.95×28.62×22.31×18.33×17.25×281.09×
Dividend yield0.4%0.4%0.3%0.2%0.2%0.2%0.2%0.2%
Payout ratio-9.2%7.6%2.9%2.3%5.4%5.6%6.5%3.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-3.2%3.7%9.9%13.9%6.9%7.1%6.5%15.2%
Return on invested capital-2.2%2.9%8.5%10.5%5.4%6.3%5.5%14.1%
Return on assets-2.4%2.7%6.6%8.3%4.2%4.9%4.4%10.6%
Free cash flow yield-4.6%19.0%9.5%-3.2%-8.2%4.3%1.9%2.5%
Earnings yield-4.4%5.9%9.3%9.4%3.4%4.4%3.6%6.9%
Enterprise value€106.2M€91.8M€168.1M€213.9M€237.3M€160.9M€173.8M€187.3M
Net debt / EBITDA0.43×-0.17×0.4×0.54×0.46×-0.67×-0.39×-0.88×
Cash conversion cycle (days)219214187209218151130114