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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
-58.7%
€0.92
vs €2.22 price
Levered DCF
€3.05
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
0.48
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/E-7.15×-14.31×41.86×18.26×38.7×52.38×95.66×-84.44×
P/B0.49×0.89×1.31×1.93×2×1.87×1.75×0.75×
P/S0.5×0.85×1.21×1.72×1.92×1.83×1.62×0.68×
EV / EBITDA-3.92×7.86×8.6×12.25×14.97×17.86×21.11×7.34×
Gross margin48.0%54.8%52.1%44.3%42.6%44.2%53.4%55.9%
Operating margin-23.8%-4.2%2.8%6.9%3.3%3.6%4.7%0.0%
Net margin-6.9%-5.9%2.8%9.4%5.0%3.4%1.7%-0.8%
Current ratio1.82×2.33×2.51×2.15×2.1×2.14×1.66×1.49×
Debt / equity0.35×0.28×0.28×0.25×0.34×0.48×0.36×0.27×
Interest coverage-14.25×-2.99×3.56×15.92×6.12×4.84×7.33×0.09×
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 equity-6.8%-6.2%3.0%10.6%5.2%3.5%1.8%-0.9%
Return on invested capital-3.7%-3.3%2.3%6.0%2.4%2.3%4.0%0.0%
Return on assets-3.7%-3.7%1.9%6.6%3.0%1.9%1.0%-0.5%
Free cash flow yield0.0%10.8%3.5%0.9%3.6%1.5%3.8%15.8%
Earnings yield-13.8%-6.9%2.3%5.5%2.6%1.9%1.0%-1.2%
Enterprise value€56.9M€85.3M€142.6M€208.4M€186.7M€163.6M€150.1M€52.4M
Net debt / EBITDA-0.32×-1.38×-0.82×-0.65×-0.97×-0.67×-0.19×-0.63×
Cash conversion cycle (days)1221101331241051005763