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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
+360.4%
€12,340.01
vs €2,680.00 price
Levered DCF
€17,483.49
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
2.27
Grey zone
Rating
A+
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E8.46×10.36×28.98×8.27×58.72×-13.41×19.62×12.31×
P/B0.76×0.81×1.13×0.76×0.85×0.67×1.02×0.95×
P/S1.5×1.54×2.05×1.52×3×3.18×2.21×2.07×
EV / EBITDA3.55×4.21×8.14×3.89×9×-93.83×7.64×6.46×
Gross margin51.3%68.5%59.2%52.4%34.9%6.5%56.0%56.8%
Operating margin25.3%21.1%14.0%27.9%12.9%-31.0%18.3%20.6%
Net margin17.7%14.9%7.1%18.4%5.1%-23.7%11.3%16.8%
Current ratio1.62×1.47×1.61×1.89×1.08×0.69×1.36×1.51×
Debt / equity0.16×0.18×0.27×0.28×0.3×0.21×0×0×
Interest coverage30.31×23.79×107.53×40.6×13.51×-28.78×801.69×784.33×
Dividend yield0.0%0.0%4.8%0.0%0.0%0.0%3.8%0.1%
Payout ratio0.0%0.0%138.4%0.0%0.0%0.0%73.6%1.2%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity8.9%7.9%3.9%9.2%1.5%-5.0%5.2%7.7%
Return on invested capital6.7%5.4%2.5%6.3%1.1%-3.3%4.1%6.2%
Return on assets5.8%4.9%2.3%5.4%0.8%-3.0%3.6%5.4%
Free cash flow yield12.0%12.3%8.1%22.7%10.3%-19.4%0.6%3.3%
Earnings yield11.8%9.7%3.5%12.1%1.7%-7.5%5.1%8.1%
Enterprise value€194M€209.3M€297.9M€204.8M€248.5M€218.8M€252.6M€223.5M
Net debt / EBITDA-0.87×-0.55×-0.12×-0.37×0.75×-18.71×-0.84×-1.03×
Cash conversion cycle (days)-17-44-10-1813815-43