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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
-416.8%
-€3.04
vs €0.96 price
Levered DCF
-€4.00
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
-1.63
Distress zone
Rating
C
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-1.43×-2.24×-2.52×-10.62×-9.17×-553.85×-1.88×11.14×
P/B-0.7×-1.48×0.24×0.39×1.69×1.17×1.11×0.61×
P/S25.61×108.24×121.97×8.44×0×5.95×0.38×0.4×
EV / EBITDA-7.58×-6.05×-4.75×-16.77×-9.02×-18.95×-4.29×6.05×
Gross margin55.1%-79.5%300.0%33.5%0.0%94.8%37.5%38.4%
Operating margin-1276.0%-4072.7%-5839.5%-92.1%0.0%-41.7%2.2%2.1%
Net margin-1808.2%-4847.7%-7120.9%-79.5%0.0%-1.1%-20.2%3.6%
Current ratio0.35×0.32×9.69×6.32×7.57×18.63×3.11×0.47×
Debt / equity-1.98×-1.67×0.29×0.12×0.09×0.02×0.78×0.42×
Interest coverage-2.47×-3.92×-4.52×-10.67×-31.05×-2.91×1.6×1.84×
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 equity49.7%66.1%-13.7%-3.7%-19.1%-0.2%-59.9%5.5%
Return on invested capital-31.3%-60.0%-24.8%-3.8%-18.6%-8.0%1.7%2.0%
Return on assets-39.5%-53.8%-28.9%-3.3%-16.2%-0.2%-13.8%2.4%
Free cash flow yield-69.3%-37.4%-44.8%-37.0%-9.8%5.4%-16.0%12.2%
Earnings yield-70.6%-44.8%-58.4%-9.4%-11.3%-0.2%-53.7%9.0%
Enterprise value€25.5M€19.9M€11.6M€12.3M€10.6M€6.4M€10.5M€10.1M
Net debt / EBITDA-5.55×-3.15×-2.6×-3.69×-0.38×0.43×-1.71×2.29×
Cash conversion cycle (days)1721,43856,9271,906-6,674-431810