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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
-4362.9%
-€1,361.99
vs €31.95 price
Levered DCF
-€1,638.66
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
0.82
Distress zone
Rating
D+
Overall 1 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-13.16×-16.2×-27.1×-30.24×-33.18×-54.88×-16.79×-115.2×
P/B4.33×3.5×3.57×4.17×7.47×-37.66×-26.66×268.63×
P/S2.86×4.95×8.61×18.64×65.47×98.78×31.39×457.06×
EV / EBITDA45.48×45.11×79.97×-138.57×-63.12×-188.32×-38.67×-227.51×
Gross margin53.5%79.1%70.5%28.9%23.9%16.2%10.0%75.0%
Operating margin-9.6%-18.5%-20.0%-39.8%-147.9%-116.6%-125.0%-326.7%
Net margin-21.7%-30.7%-31.8%-61.7%-197.3%-180.0%-188.1%-396.8%
Current ratio2.74×3.21×4.27×5.15×7.19×7.24×9.27×11.59×
Debt / equity3.89×2.15×1.25×0.76×0.86×-5.16×-8.06×12.24×
Interest coverage-0.73×-1.07×-1.28×-1.91×-2.84×-1.84×-2.81×-3.29×
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-32.9%-21.7%-13.2%-13.8%-22.5%68.6%159.8%-233.2%
Return on invested capital-2.8%-3.9%-3.5%-4.9%-8.8%-10.3%-14.4%-14.1%
Return on assets-6.0%-6.2%-5.4%-7.0%-11.5%-15.4%-20.9%-16.0%
Free cash flow yield-25.6%-17.6%-13.4%-11.7%-5.7%-2.2%-8.3%-2.7%
Earnings yield-7.6%-6.2%-3.7%-3.3%-3.0%-1.8%-6.0%-0.9%
Enterprise value€686.4M€576.5M€576.9M€643.8M€781.2M€739.9M€242.2M€772.9M
Net debt / EBITDA19.09×11.48×7.71×5.77×2.82×-15.1×-6.61×-7.13×
Cash conversion cycle (days)108-56-42-137-52-333445