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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
-74.6%
€30.21
vs €119.00 price
Levered DCF
€7.25
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
6.61
Safe zone
Rating
B+
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E16.5×9.05×12.78×12.85×26.12×78.43×30×11.15×
P/B2.6×2.07×2.83×2.55×3.48×1.64×1.65×1.48×
P/S2.86×2×2.2×2.05×3.23×2.18×2.05×1.42×
EV / EBITDA9.39×5.66×6.68×6.19×11.96×12.79×7.97×5.63×
Gross margin42.3%43.8%47.2%46.4%44.9%39.8%45.9%45.2%
Operating margin23.6%24.1%26.0%24.8%19.5%3.7%15.2%16.9%
Net margin17.4%22.1%17.2%16.0%12.4%2.8%6.8%12.8%
Current ratio5.63×3.7×1.79×2.52×3.37×5.24×5.15×3.35×
Debt / equity0.16×0.2×0.26×0.21×0.25×0.15×0.13×0.16×
Interest coverage40.31×41.27×51.75×46.44×58.13×9.34×26.5×34.17×
Dividend yield1.0%1.3%1.0%1.2%0.9%1.9%1.8%2.0%
Payout ratio17.0%11.3%12.9%15.6%23.7%146.6%55.0%22.3%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity15.8%22.9%22.2%19.8%13.3%2.1%5.5%13.3%
Return on invested capital14.5%15.2%17.3%16.2%10.9%1.9%6.8%10.3%
Return on assets12.2%16.1%12.2%13.2%9.5%1.6%4.2%9.6%
Free cash flow yield5.9%-4.4%-1.9%1.6%1.0%0.9%-0.7%-0.9%
Earnings yield6.1%11.0%7.8%7.8%3.8%1.3%3.3%9.0%
Enterprise value€1.7B€1.2B€1.3B€956.2M€1.1B€512.6M€509.9M€409.7M
Net debt / EBITDA-0.06×0.14×0.16×0.25×0.61×0.12×-0.79×0.21×
Cash conversion cycle (days)259232173169184266247192