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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
+984.2%
€18.87
vs €1.74 price
Levered DCF
€18.08
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
1.55
Distress zone
Rating
A
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E11×7.35×8.75×26.9×907.69×122.98×-38.7×-42.16×
P/B0.76×0.67×0.76×0.91×1.15×1.86×0.91×1.09×
P/S0.98×0.83×0.85×1.06×1.32×2.26×1.17×1.55×
EV / EBITDA4.84×5.3×4.82×11.43×9.59×20.02×16.84×30.17×
Gross margin28.4%32.3%46.5%19.9%15.8%14.4%10.4%25.3%
Operating margin14.2%17.2%13.7%2.1%0.7%-1.1%-5.4%-2.3%
Net margin9.1%11.5%9.7%3.9%0.1%1.8%-3.0%-3.7%
Current ratio1.24×1.07×0.86×0.6×0.63×0.58×0.57×0.68×
Debt / equity0.29×0.58×0.42×0.52×0.53×0.65×0.78×0.37×
Interest coverage8.52×8.86×7.44×1.39×0.48×-0.64×-2.4×-1.21×
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 equity7.1%9.2%8.6%3.4%0.1%1.5%-2.4%-2.6%
Return on invested capital6.7%8.5%6.1%1.1%0.0%0.5%-1.5%-1.4%
Return on assets4.2%5.3%4.7%1.8%0.1%0.7%-1.0%-1.4%
Free cash flow yield14.5%29.0%25.3%0.5%8.8%2.0%12.9%-7.3%
Earnings yield9.2%13.8%11.4%3.7%0.1%0.8%-2.6%-2.4%
Enterprise value€12.9M€15.4M€14.8M€18M€19.7M€30.2M€19M€17.4M
Net debt / EBITDA-0.02×1.69×1.28×3.88×2.45×4.37×6.65×5.89×
Cash conversion cycle (days)363067814205274