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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
+480.4%
€31.52
vs €5.43 price
Levered DCF
€50.86
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
3.09
Safe zone
Rating
A
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E4.53×18.02×13.76×30.51×36.86×67.89×19.55×21.86×
P/B0.39×1.59×3.48×3.68×5.44×5.55×2.22×2.57×
P/S0.43×1.75×3.67×3.2×3.98×4.55×1.12×1.17×
EV / EBITDA1.99×9.15×10.15×18.29×21.21×30.94×11.52×11.6×
Gross margin29.2%56.4%57.1%38.2%39.9%38.8%34.8%34.8%
Operating margin13.2%13.5%16.0%14.8%14.2%11.1%9.5%8.5%
Net margin9.4%9.7%26.9%10.5%10.8%6.5%5.7%5.4%
Current ratio2.42×2.58×2.81×3.44×1.11×2.25×2.64×2.32×
Debt / equity0.04×0.17×0.16×0.38×0.58×0.42×1.35×1×
Interest coverage17.57×13.29×11.94×15.7×14.33×5.18×4.59×0×
Dividend yield5.5%1.6%0.8%0.7%2.4%0.0%0.0%0.0%
Payout ratio25.1%29.4%10.5%22.3%90.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity8.6%8.8%25.4%12.1%14.8%8.0%11.4%11.7%
Return on invested capital7.7%7.2%10.9%8.8%8.0%6.4%5.1%4.5%
Return on assets6.5%5.9%17.3%7.0%6.8%4.2%3.7%3.4%
Free cash flow yield13.8%3.1%1.6%2.5%-1.9%1.8%4.3%0.7%
Earnings yield22.1%5.5%7.3%3.3%2.7%1.4%5.1%4.6%
Enterprise value€301.2M€1.4B€3.1B€2.8B€2.6B€2.4B€854.6M€744.5M
Net debt / EBITDA-0.48×-0.36×-0.18×0.69×1.51×1.24×3.89×2.78×
Cash conversion cycle (days)177236224293286185179165