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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
-49.4%
€6.78
vs €13.40 price
Levered DCF
€8.48
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
4.62
Safe zone
Rating
A-
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E19.56×27.98×31.55×32.92×56.36×40.41×44.53×19.69×
P/B3.79×4.15×3.72×4.54×10.39×6.25×7.08×2.59×
P/S3.06×3.13×3.36×4.34×10.79×5.24×5.48×1.88×
EV / EBITDA9.45×10.12×13.67×16.07×33.16×19.89×21.17×8.24×
Gross margin47.2%48.4%47.3%48.0%50.5%49.1%48.8%44.1%
Operating margin24.1%20.6%19.1%21.1%25.5%20.0%17.7%13.7%
Net margin15.6%11.2%10.7%13.2%19.1%12.1%12.3%9.6%
Current ratio3.45×3.12×2.79×2.78×2.94×3.52×3.36×3.57×
Debt / equity0.18×0.25×0.25×0.23×0.14×0.14×0.14×0×
Interest coverage38.67×16.3×11.77×26.49×38.52×29.54×28.88×34.5×
Dividend yield1.1%0.1%1.3%1.1%0.5%0.9%0.6%1.3%
Payout ratio21.4%3.1%39.6%35.5%27.0%41.1%28.1%25.6%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity19.4%14.9%11.8%13.8%18.4%14.4%15.9%13.2%
Return on invested capital12.0%11.3%9.3%9.4%11.6%10.1%9.8%8.8%
Return on assets10.0%7.5%6.0%7.0%9.9%7.3%8.0%7.0%
Free cash flow yield3.6%5.3%2.6%0.3%0.3%3.0%3.4%4.8%
Earnings yield5.1%3.6%3.2%3.0%1.8%2.3%2.3%5.1%
Enterprise value€870.8M€864.5M€815.5M€930.5M€1.9B€856.4M€919.1M€263.4M
Net debt / EBITDA-0.91×-0.74×-0.2×-0.57×-1.18×-1.56×-1.36×-1.69×
Cash conversion cycle (days)163147166203200184168163