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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
-1623.3%
-€24.37
vs €1.60 price
Levered DCF
-€28.66
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
-17.61
Distress zone
Rating
C-
Overall 1 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-1.36×-521.74×-627.12×-465×-904.49×-450×-500×-1,142.86×
P/B-0.15×-45.37×-45.79×-97.14×-186.01×-296.36×-880.18×1,110.01×
P/S0.37×104.84×89.66×163.67×252.52×259.63×267.29×315.32×
EV / EBITDA-45.68×-1,275.84×-1,488.71×-1,058.04×-2,788.57×-748.12×-698.01×-1,647.55×
Gross margin5.0%7.3%7.3%22.1%21.7%3.8%8.9%11.4%
Operating margin-9.8%-12.3%-10.2%-23.9%-31.3%-44.2%-25.9%-26.0%
Net margin-27.7%-29.1%-24.2%-35.2%-31.4%-57.7%-53.5%-27.6%
Current ratio0.08×0.17×0.11×0.28×0.36×0.3×0.35×0.66×
Debt / equity-1.06×-1.02×-1.09×-1.13×-1.3×-1.56×-3.23×2.32×
Interest coverage-0.51×-0.64×-0.81×-2.15×-3.8×-5.76×-6.46×-8.79×
Dividend yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Payout ratio0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity11.0%12.6%12.4%20.9%23.1%65.9%176.2%-97.2%
Return on invested capital-72.6%-304.8%-54.5%-97.4%-70.0%-75.4%-36.1%-25.6%
Return on assets-44.6%-46.6%-35.3%-53.5%-41.1%-60.2%-55.8%-21.2%
Free cash flow yield-33.8%-0.1%-0.2%-0.1%-0.1%-0.0%-0.1%-0.1%
Earnings yield-73.9%-0.3%-0.3%-0.2%-0.1%-0.2%-0.2%-0.1%
Enterprise value€49.6M€1.7B€1.5B€3.1B€4.7B€5.3B€7.4B€7.8B
Net debt / EBITDA-39.98×-27.47×-33.9×-11.85×-18.8×-3.79×-2.47×-3.37×
Cash conversion cycle (days)34354628516756-16