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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
-103.7%
-€4.64
vs €126.78 price
Levered DCF
€29.50
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
1.99
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/E60.99×24.14×-2.26×-17.58×-29.78×-8.98×96.41×15.48×
P/B8.38×3.14×1.21×0.48×1.11×1.12×1.3×0.89×
P/S2.21×0.83×0.33×0.28×0.58×0.61×0.54×0.3×
EV / EBITDA19.31×7.08×-6.61×4.65×12.45×157.17×7.68×4.97×
Gross margin16.8%13.1%2.4%11.5%12.0%7.8%14.5%14.8%
Operating margin4.0%-0.2%-10.7%-2.3%-1.3%-7.3%2.1%1.2%
Net margin3.6%3.4%-14.6%-1.6%-1.6%-5.8%0.5%2.0%
Current ratio0.9×0.9×0.84×1.03×1.04×1.04×1.06×1.11×
Debt / equity0.39×0.42×0.56×0.19×0.18×0.16×0.08×0.2×
Interest coverage5.35×-0.26×-11.56×-4.61×-2.83×-11.31×1.68×1.05×
Dividend yield0.0%0.0%0.0%0.9%0.0%0.3%1.2%1.9%
Payout ratio0.0%0.0%0.0%-15.4%0.0%-3.2%115.8%29.3%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity13.7%13.0%-53.3%-2.7%-3.0%-10.7%1.3%5.8%
Return on invested capital6.1%-0.4%-18.7%-2.8%-1.6%-7.9%2.4%1.5%
Return on assets2.5%2.3%-9.5%-0.9%-1.0%-3.7%0.4%1.2%
Free cash flow yield4.7%4.8%3.8%12.9%5.8%4.0%5.7%0.9%
Earnings yield1.6%4.1%-44.2%-5.7%-2.7%-9.6%1.0%6.5%
Enterprise value€81.1B€25.9B€10.5B€5.5B€14B€14.5B€14.4B€7.8B
Net debt / EBITDA-1.24×-0.71×-0.12×-2.32×-2.32×-24.39×-0.51×-0.42×
Cash conversion cycle (days)160153146147127149208238