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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
+325.5%
€1.31
vs €0.31 price
Levered DCF
€1.97
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
0.92
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-17.1×13.42×-5.04×13.61×12.43×22.45×33.28×84×
P/B0.48×0.39×0.45×0.38×0.46×0.62×0.52×0.28×
P/S0.56×0.38×0.42×0.42×0.59×0.8×0.78×0.44×
EV / EBITDA16.58×6.13×7.24×9.43×10.27×14.63×11.66×9.44×
Gross margin32.4%37.6%33.9%32.2%34.5%29.1%37.2%35.1%
Operating margin0.3%9.8%8.5%5.5%8.4%4.7%7.4%8.5%
Net margin-3.3%2.8%-8.3%3.1%4.7%3.6%2.3%0.5%
Current ratio1.98×1.79×1.76×1.89×2.07×2.07×2.2×2.51×
Debt / equity0.86×0.79×0.85×0.89×0.95×1.02×0.98×0.97×
Interest coverage0.05×1.81×1.32×1.21×1.57×1.41×0.93×0×
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 equity-2.8%2.9%-8.9%2.8%3.7%2.8%1.6%0.3%
Return on invested capital0.1%2.7%-18.6%1.8%3.1%1.6%2.3%0.6%
Return on assets-1.2%1.3%-3.7%1.2%1.6%1.1%0.7%0.1%
Free cash flow yield3.3%12.9%40.5%18.9%13.2%5.1%5.0%38.9%
Earnings yield-5.9%7.4%-19.8%7.3%8.0%4.5%3.0%1.2%
Enterprise value€32.5M€29.9M€31.1M€33.5M€36.5M€40.9M€38M€30.9M
Net debt / EBITDA10.1×3.92×4.46×6.37×6.61×8.61×7.44×7.21×
Cash conversion cycle (days)484368348412482458579554