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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
+405.9%
€11.59
vs €2.29 price
Levered DCF
-€3.37
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
1.52
Distress zone
Rating
B-
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E-10.47×-21.05×-9.34×-10.16×29.55×46.25×89.03×75.77×
P/B0.19×0.44×0.48×0.78×1.79×14.65×19.09×23.56×
P/S0.14×0.17×0.2×0.24×0.46×1.51×2.29×2.42×
EV / EBITDA9.64×6.02×7.12×10.26×12.02×23.17×28.83×31.11×
Gross margin22.5%9.9%29.6%29.1%28.7%25.1%24.5%25.6%
Operating margin0.5%9.9%0.7%0.9%5.4%8.8%6.9%7.0%
Net margin-1.3%-0.8%-2.1%-2.4%1.6%3.3%2.6%3.2%
Current ratio3.36×3.88×4.28×2.67×4.28×2.61×3.28×3.34×
Debt / equity0.5×0.52×0.56×0.93×1.53×3.94×3.19×3.95×
Interest coverage0.15×3.04×0.2×0.21×2.25×2.85×2.15×2.47×
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
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity-1.8%-2.1%-5.1%-7.7%6.1%31.7%21.4%31.1%
Return on invested capital0.5%15.8%1.0%1.5%5.6%13.7%8.6%9.5%
Return on assets-0.9%-1.2%-2.8%-3.0%2.0%4.8%3.6%4.6%
Free cash flow yield9.5%0.7%-6.7%41.4%-13.0%-0.2%3.2%0.9%
Earnings yield-9.3%-4.8%-10.7%-9.8%3.4%2.2%1.1%1.3%
Enterprise value€31.2M€42M€44.1M€60.7M€101.7M€192.8M€151.7M€155.3M
Net debt / EBITDA6.8×2.89×3.16×5.4×5.27×4.65×2.99×3.87×
Cash conversion cycle (days)375176204216229169182159