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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
+239.0%
€4.56
vs €1.35 price
Levered DCF
€105.89
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
0.29
Distress zone
Rating
B-
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-1.52×38.21×-1.11×4.94×5.33×15.34×8.91×14.73×
P/B0.28×0.39×0.64×0.58×1.04×1.34×1.49×2.16×
P/S0.95×1.61×2.09×1.42×2.95×9.31×11.26×15.84×
EV / EBITDA33.62×16.99×-7.51×12.72×10.62×24.18×13.43×18.98×
Gross margin44.2%-16.1%50.5%38.2%63.2%52.8%59.0%77.9%
Operating margin18.4%-24.1%-222.3%39.4%64.1%80.1%144.2%128.4%
Net margin-62.3%2.5%-187.2%28.7%55.3%60.8%126.6%108.1%
Current ratio0.68×0.23×0.03×1.15×1.32×3.46×3.34×1.27×
Debt / equity1.58×1.75×2.06×1.26×1.32×1.38×1.14×1.14×
Interest coverage0.67×-0.81×-11.98×6.15×8.35×4.65×8.44×6.62×
Dividend yield0.0%0.0%2.1%4.7%2.9%2.1%1.3%0.0%
Payout ratio0.0%0.0%-2.3%23.3%15.4%32.7%11.3%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-18.3%0.6%-57.2%11.7%19.5%8.7%16.7%14.7%
Return on invested capital1.4%-0.2%-21.5%2.9%9.7%4.9%8.9%8.2%
Return on assets-6.7%0.2%-17.6%5.1%8.4%3.7%7.8%6.8%
Free cash flow yield18.5%18.4%20.5%16.5%7.8%6.9%5.7%3.2%
Earnings yield-65.6%1.6%-89.7%20.2%18.8%6.5%11.2%6.8%
Enterprise value€549.5M€679.7M€847.2M€940.8M€1.1B€1.1B€809.9M€692.3M
Net debt / EBITDA28.49×13.87×-5.72×8.68×5.94×12.25×5.59×6.56×
Cash conversion cycle (days)2719617194217593149694