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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
-129.5%
-€1.37
vs €4.66 price
Levered DCF
€1.71
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
3.4
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/E18.52×20.13×99.42×-30×15×13.3×11.98×11.38×
P/B0.76×0.64×0.69×0.68×0.89×0.86×0.95×0.93×
P/S1.61×1.39×1.7×1.69×2.29×2.22×2.39×2.21×
EV / EBITDA6.92×4.5×6.67×35.71×3.56×3.28×3.59×3.25×
Gross margin25.6%25.6%19.1%7.9%31.3%38.2%39.9%41.4%
Operating margin7.6%7.4%1.8%-6.5%20.9%22.8%26.7%26.5%
Net margin8.8%6.8%1.7%-5.6%15.4%16.5%20.2%19.2%
Current ratio5.08×6.01×6.54×6.25×8.3×11.13×11.51×9.84×
Debt / equity0×0×0×0×0.01×0×0×0×
Interest coverage12.48×11.5×6.04×-32.39×90.91×37.7×647.13×145.68×
Dividend yield1.4%0.8%0.0%6.6%4.7%6.0%2.6%4.8%
Payout ratio25.6%16.9%0.5%-196.6%70.7%81.0%30.5%55.3%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity4.1%3.1%0.7%-2.3%6.0%6.4%8.0%8.1%
Return on invested capital2.3%2.0%0.3%-2.2%5.2%5.6%6.7%6.6%
Return on assets3.2%2.4%0.6%-1.8%5.0%5.4%6.7%6.7%
Free cash flow yield-0.0%2.5%-4.7%-9.8%10.4%9.6%4.5%7.8%
Earnings yield5.5%4.9%1.0%-3.3%6.7%7.5%8.4%8.7%
Enterprise value€92.8M€56.9M€57.7M€49.2M€79M€77.9M€98.8M€89.5M
Net debt / EBITDA-3.6×-4.9×-7.6×-51.28×-4.05×-3.43×-2.72×-2.6×
Cash conversion cycle (days)228228208231235317290263