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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
-217.1%
-€77.96
vs €66.60 price
Levered DCF
€295.54
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
1.22
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-97.14×13.42×13.94×13.55×56.72×18.79×18.63×24.72×
P/B1.56×1.59×2.3×2.63×4.43×3.88×3.47×2.07×
P/S0.58×0.47×0.48×0.42×0.64×0.77×0.73×0.4×
EV / EBITDA10.7×5.22×5.05×7.09×11.05×8.13×7.25×5.21×
Gross margin8.9%26.0%20.7%9.3%20.1%28.4%21.8%19.8%
Operating margin4.6%7.6%7.5%1.7%4.2%7.2%4.8%3.5%
Net margin-0.6%3.6%3.5%3.1%1.1%4.1%3.9%1.6%
Current ratio1.53×1.54×1.39×1.13×1.05×1.08×1.05×1.14×
Debt / equity1.65×1.89×1.74×1.4×2.44×2.51×2.13×1.6×
Interest coverage2.66×3.25×3.95×2.39×4.1×3.48×1.61×1.6×
Dividend yield2.8%3.9%1.9%1.7%2.7%2.6%2.3%3.8%
Payout ratio-273.0%51.2%27.1%23.0%150.7%48.2%43.1%93.6%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-1.6%12.2%16.5%19.4%7.8%20.7%18.6%8.4%
Return on invested capital1.4%3.4%4.5%1.8%3.0%3.2%2.7%1.9%
Return on assets-0.3%1.9%2.4%2.5%0.5%1.8%1.7%0.8%
Free cash flow yield21.0%-17.6%-16.3%-4.1%25.4%-6.7%-9.1%-6.6%
Earnings yield-1.0%7.7%7.2%7.4%1.8%5.3%5.4%4.1%
Enterprise value€37B€31.2B€31.8B€31.3B€26.5B€23.7B€20.7B€12.3B
Net debt / EBITDA4.89×2.5×1.65×1.76×2.48×2.94×2.47×1.73×
Cash conversion cycle (days)312814812159-4