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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
+223.9%
€204.04
vs €63.00 price
Levered DCF
€469.38
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
2.69
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/E27.16×24.59×21.89×28.11×69.96×-59.13×40.62×27.48×
P/B6.97×7.63×6.7×7.82×11.66×11.66×10.51×7.4×
P/S2.45×2.79×2.55×2.97×15.15×20.33×3.73×2.61×
EV / EBITDA11.36×10.63×11.33×11.72×26.59×-109.57×16.55×10.22×
Gross margin25.5%26.4%25.6%23.3%19.8%3.8%27.8%27.4%
Operating margin15.2%15.0%14.4%17.9%-13.5%-57.8%16.0%15.4%
Net margin9.0%11.4%11.6%10.6%21.6%-34.3%9.2%9.5%
Current ratio0.88×0.96×1.1×1.09×0.95×0.88×0.97×1.03×
Debt / equity0.26×0.12×0.14×0.17×0.26×0.31×0.27×0×
Interest coverage34.95×34.24×48.83×59.71×-7.76×-5.67×30.38×48.22×
Dividend yield2.1%1.8%1.7%0.0%0.0%0.0%1.1%1.7%
Payout ratio57.5%43.0%37.0%0.0%0.0%0.0%44.8%47.8%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity25.6%31.0%30.6%27.8%16.6%-19.7%26.0%27.0%
Return on invested capital17.6%17.7%17.4%24.8%-4.4%-17.2%18.6%21.6%
Return on assets6.5%7.8%8.6%7.8%3.8%-4.8%7.0%6.9%
Free cash flow yield1.7%4.2%7.6%2.2%7.6%-2.7%1.8%9.6%
Earnings yield3.7%4.1%4.6%3.6%1.4%-1.7%2.5%3.7%
Enterprise value€6.5B€6.4B€5.1B€4.8B€5.3B€4.6B€4.7B€2.4B
Net debt / EBITDA-1.89×-2.31×-2.01×-2.34×-4.12×14.32×-2.28×-3.76×
Cash conversion cycle (days)-7-29-16-181130374