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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
-8.2%
€59.36
vs €64.65 price
Levered DCF
€41.35
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
2.87
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/E12.18×12.25×12.6×10.22×9.1×12.52×12.41×12.06×
P/B1.51×1.06×0.89×0.78×0.96×1.03×0.93×0.72×
P/S2.6×1.99×1.79×1.56×1.84×2.08×1.84×2.16×
EV / EBITDA6.19×6.59×6.85×3.52×3.83×4.93×4.38×3.7×
Gross margin64.7%46.8%45.4%64.3%65.7%65.5%67.1%66.5%
Operating margin36.4%24.7%22.3%27.8%32.4%28.1%27.7%29.4%
Net margin21.4%16.3%14.2%15.2%20.2%16.6%14.9%17.9%
Current ratio975.5×0.53×1.49×1.14×1.1×1.29×2.91×1.09×
Debt / equity0.02×0.02×0.02×0.02×0.03×0.03×0.03×0.02×
Interest coverage5.16×54.72×61.79×4.38×5.13×4.2×4.13×45.79×
Dividend yield3.9%15.4%5.9%6.6%5.1%4.8%4.3%0.0%
Payout ratio47.5%188.0%74.4%67.3%46.4%60.1%53.6%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity12.4%8.7%7.1%7.6%10.5%8.3%7.5%6.0%
Return on invested capital9.4%7.9%6.8%8.0%10.2%8.5%6.9%5.9%
Return on assets7.9%5.5%4.7%5.2%6.7%5.3%4.7%3.7%
Free cash flow yield5.0%8.5%6.5%11.0%11.0%6.0%5.2%16.3%
Earnings yield8.2%8.2%7.9%9.8%11.0%8.0%8.1%8.3%
Enterprise value€10.4B€6.7B€5.7B€4.3B€5.1B€5B€4.5B€2.5B
Net debt / EBITDA-0.51×-1.22×-1.51×-1.5×-1.48×-1.97×-1.82×-3.22×
Cash conversion cycle (days)-161-67-64-458-526-566-631-802