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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
-379.3%
-€3.36
vs €1.20 price
Levered DCF
-€1.09
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
1.51
Distress zone
Rating
C
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-4.12×-0.75×-27.94×-62.67×-17.45×1,356.58×15.33×19.65×
P/B0.73×0.45×0.91×0.95×1.62×1.52×2.35×1.12×
P/S0.7×0.45×0.92×1.07×2.83×2.61×2.86×1.43×
EV / EBITDA-19.52×-1.76×21.08×17.18×-58.47×26.68×13.64×13.94×
Gross margin5.6%56.4%47.7%33.3%30.6%40.3%40.7%35.7%
Operating margin-14.5%-54.2%-2.6%0.7%-11.6%3.5%16.2%7.3%
Net margin-16.7%-60.7%-3.3%-1.7%-16.4%0.2%18.8%7.1%
Current ratio1.15×1.45×1.45×1.48×2.15×2.63×2.4×1.67×
Debt / equity0.44×0.44×0.34×0.31×0.24×0.28×0.15×0.12×
Interest coverage-4.76×-29.14×-2.13×1.37×-16.87×5.43×30.99×12.93×
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-17.6%-59.6%-3.3%-1.5%-9.4%0.1%15.4%5.6%
Return on invested capital-9.9%-34.3%-1.8%-1.0%-5.1%0.1%11.1%4.8%
Return on assets-9.3%-32.5%-2.0%-0.9%-6.3%0.1%11.3%4.0%
Free cash flow yield-2.6%-4.3%-1.4%-5.4%-0.2%-0.8%5.7%6.4%
Earnings yield-24.0%-133.5%-3.6%-1.6%-5.8%0.1%6.6%5.0%
Enterprise value€55.4M€47.5M€108.3M€116.5M€174.3M€172.7M€280.7M€113.8M
Net debt / EBITDA-5.9×-0.75×4.13×2.23×1.63×-1.3×-0.59×-0.09×
Cash conversion cycle (days)112190162126111152102119