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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
+281.4%
€8.01
vs €2.10 price
Levered DCF
€4.82
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
2.28
Grey zone
Rating
B-
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-34.14×44.48×-16.2×19.68×-52×15.48×28.65×13.21×
P/B0.4×0.5×0.76×0.83×1.17×1.76×1.1×1.38×
P/S0.29×0.34×0.53×0.54×0.96×1.07×0.71×0.79×
EV / EBITDA8.36×6.66×7.41×5.19×27.76×7.97×8.36×8.18×
Gross margin21.7%51.4%51.7%44.4%43.9%51.6%50.9%50.7%
Operating margin3.0%4.7%5.9%10.1%1.5%14.4%5.6%8.5%
Net margin-0.9%0.8%-3.3%2.8%-1.8%7.0%2.5%6.0%
Current ratio3.05×2.54×2.82×2.83×3.46×2.97×2.85×2.57×
Debt / equity0.62×0.56×0.77×0.71×0.66×0.74×0.74×0.81×
Interest coverage0.76×0.97×0.73×1.87×0.55×4.38×1.58×2.74×
Dividend yield0.0%1.8%3.0%4.4%3.4%2.0%4.6%3.9%
Payout ratio0.0%80.2%-48.7%85.6%-177.3%31.3%130.5%51.7%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-1.2%1.1%-4.7%4.3%-2.2%11.4%3.9%10.4%
Return on invested capital2.2%1.3%4.7%5.4%1.1%9.5%3.2%6.0%
Return on assets-0.7%0.6%-2.3%2.2%-1.2%5.7%2.0%5.0%
Free cash flow yield23.2%7.1%12.0%2.6%-1.7%8.5%3.9%2.3%
Earnings yield-2.9%2.2%-6.1%5.1%-1.9%6.5%3.5%7.6%
Enterprise value€16.9M€18.7M€25.8M€30.9M€38.4M€52.8M€40.5M€45.6M
Net debt / EBITDA3.66×2.58×2.18×1.34×5.23×1.58×2.59×2.23×
Cash conversion cycle (days)274452450342408355370331