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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
+119.0%
€137.53
vs €62.80 price
Levered DCF
€34.12
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
3.89
Safe zone
Rating
A+
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E12.47×10.98×12.33×8.91×14.23×9.29×9.28×8.38×
P/B2.06×1.66×1.83×1.5×2.47×1.58×1.06×1.11×
P/S0.82×0.64×0.64×0.52×0.9×0.53×0.37×0.38×
EV / EBITDA7.92×5.86×6.64×6.82×10.72×5.78×5.68×5.93×
Gross margin27.8%41.4%39.9%36.2%36.0%36.0%34.1%34.2%
Operating margin8.9%9.8%19.8%9.1%9.3%7.9%5.5%6.6%
Net margin6.6%5.9%5.2%5.8%6.3%5.7%4.0%4.5%
Current ratio1.97×2.02×2.19×2.11×1.99×2.05×2.22×2.27×
Debt / equity0.25×0.28×0.37×0.59×0.6×0.15×0.18×0.24×
Interest coverage28.39×24.62×29.87×18.12×52.52×63.21×33.98×25.53×
Dividend yield1.8%1.5%1.7%1.8%1.0%1.3%2.3%2.0%
Payout ratio22.0%16.6%21.4%16.2%13.9%12.5%21.2%16.9%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity16.6%15.1%14.8%16.8%17.4%17.0%11.4%13.2%
Return on invested capital11.7%12.0%24.5%10.5%11.0%14.3%9.6%11.0%
Return on assets8.1%6.7%6.2%7.1%7.0%8.6%6.1%7.0%
Free cash flow yield0.3%7.2%31.7%6.0%-20.3%4.9%18.3%-10.0%
Earnings yield8.0%9.1%8.1%11.2%7.0%10.8%10.8%11.9%
Enterprise value€977.2M€713.8M€650.6M€730.8M€1B€386.7M€237.9M€250.7M
Net debt / EBITDA0.19×-0×0.28×1.85×1.98×0.05×0.29×0.77×
Cash conversion cycle (days)16916318725826277143174