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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
+52.3%
€78.00
vs €51.20 price
Levered DCF
€170.08
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
1.23
Distress zone
Rating
B+
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E23.8×10.93×10.89×6.67×6.61×20.6×13.39×18.44×
P/B1.84×0.89×1×0.68×0.64×0.82×0.44×0.65×
P/S1.42×0.59×0.61×0.4×0.42×0.63×0.36×0.46×
EV / EBITDA7.98×2.74×2.25×0.43×1.1×4.76×2.07×2.76×
Gross margin32.4%49.4%46.8%24.6%18.2%49.6%30.0%29.4%
Operating margin5.8%7.2%5.1%6.5%6.0%5.5%3.8%3.7%
Net margin6.0%5.2%5.6%6.0%6.3%3.0%2.6%2.5%
Current ratio1.43×1.44×1.42×1.39×1.32×1.4×1.37×1.44×
Debt / equity0.29×0.35×0.23×0.13×0.25×0.29×0.31×0.28×
Interest coverage0×0×4.56×9.15×5.1×10.46×11.28×11.06×
Dividend yield0.4%0.9%0.9%1.3%0.9%0.7%1.4%0.7%
Payout ratio10.1%10.4%9.8%8.8%6.1%13.9%18.9%12.2%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity7.7%8.0%9.2%10.1%9.8%4.0%3.2%3.5%
Return on invested capital3.9%5.6%5.1%7.5%5.6%3.9%2.7%3.7%
Return on assets2.7%2.8%3.2%3.7%3.5%1.5%1.2%1.3%
Free cash flow yield13.3%16.0%6.0%29.5%11.5%8.4%1.9%5.7%
Earnings yield4.2%8.9%9.2%15.0%15.1%4.9%7.4%5.4%
Enterprise value€3.5B€1.2B€1.1B€189.9M€489.9M€1.2B€457.9M€665.1M
Net debt / EBITDA-4.45×-3.13×-3.21×-3.22×-2.15×-1.99×-1.76×-2.36×
Cash conversion cycle (days)85259166126132182143127