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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
+140.3%
€243.66
vs €101.40 price
Levered DCF
€81.66
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
2.99
Grey zone
Rating
A-
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E9.33×7.03×8.84×-12.14×7.72×6.14×39.79×34.14×
P/B0.8×0.57×0.69×0.59×0.82×1.12×0.92×0.8×
P/S0.37×0.26×0.29×0.26×0.31×0.34×0.36×0.33×
EV / EBITDA3.7×2.97×3.68×13.46×2.24×1.98×5.5×13.64×
Gross margin43.5%44.9%43.3%40.7%46.3%47.2%42.7%42.7%
Operating margin6.8%5.0%5.5%-2.6%8.3%12.1%3.0%2.5%
Net margin4.0%3.7%3.3%-2.1%4.6%5.5%1.2%1.3%
Current ratio2.03×1.93×1.83×1.56×2.13×1.86×2.02×2.04×
Debt / equity0.25×0.26×0.34×0.27×0.28×0.36×0.27×0.21×
Interest coverage10.42×7.09×7.59×-4.44×7.72×11.71×4.01×4.28×
Dividend yield2.9%3.8%0.4%0.5%0.4%0.5%0.4%1.3%
Payout ratio26.9%26.7%3.3%-5.7%2.6%2.9%12.0%32.1%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity8.6%8.1%7.9%-4.9%12.2%18.3%3.1%3.2%
Return on invested capital6.3%5.4%6.6%-2.5%7.8%12.5%3.0%2.4%
Return on assets4.3%4.0%3.6%-2.1%4.9%5.7%1.3%1.4%
Free cash flow yield12.8%11.9%12.5%-29.5%26.5%29.8%10.1%-6.7%
Earnings yield10.7%14.3%11.4%-8.2%14.9%16.3%3.4%4.0%
Enterprise value€1.4B€1B€1.2B€842.7M€945.1M€1B€1.1B€908.6M
Net debt / EBITDA0.32×0.49×0.63×0.95×-0.22×-0.23×0.49×0.71×
Cash conversion cycle (days)165176180173153161166162