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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
-22.4%
€1.40
vs €1.80 price
Levered DCF
€1.19
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
1.39
Distress zone
Rating
B-
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E5.84×-3.16×2.42×-9.66×-10.58×-7.81×-9.77×-11.78×
P/B1.21×2.1×1.08×2×1.59×1.3×1.22×0.93×
P/S0×81.27×35.45×147.22×266.8×214.67×127.28×98.72×
EV / EBITDA-130.4×-4.56×10.02×-8.38×-15.23×-13.64×-24.99×-14.59×
Gross margin0.0%-70.5%-48.4%-177.6%-308.6%-96.6%-8.5%-1.8%
Operating margin0.0%-3249.8%164.3%-2158.6%-2892.9%-2441.4%-1127.5%-1403.6%
Net margin0.0%-2571.5%1473.6%-1523.7%-2535.7%-2735.6%-1179.1%-838.2%
Current ratio4.14×1.39×1.39×0.25×0.86×0.21×0.76×1.63×
Debt / equity0.07×0.4×0.24×0.07×0.26×0.24×0.23×0.22×
Interest coverage-15×0×24.51×-57.56×-405×-25.29×-8.06×-18.83×
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 equity20.8%-66.5%44.9%-20.7%-15.2%-16.5%-11.3%-7.9%
Return on invested capital-3.4%-45.0%3.5%-21.0%-12.7%-10.7%-7.8%-13.3%
Return on assets15.8%-31.5%25.2%-12.5%-8.8%-10.3%-7.6%-5.3%
Free cash flow yield-23.6%-18.4%-14.2%-9.9%-20.1%-4.3%-2.8%-12.8%
Earnings yield17.1%-31.6%41.6%-10.3%-9.5%-12.7%-9.3%-8.5%
Enterprise value€9.5M€15.5M€11.4M€22.7M€20.9M€22M€22.7M€18.6M
Net debt / EBITDA93.63×2.16×-7.25×-0.12×-1.61×-2.06×-3.59×-1.81×
Cash conversion cycle (days)-5861,7599942,30912,84724-1,377-896