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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
+214.4%
€35.53
vs €11.30 price
Levered DCF
€91.12
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
2.34
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/E-38.09×38.33×11.9×12.2×12.4×14.96×12.11×12.34×
P/B0.78×0.93×1.09×1.67×1.55×1.3×1.35×1.75×
P/S0.52×0.66×0.67×0.87×0.87×0.75×0.66×0.79×
EV / EBITDA21.41×8.83×5.24×6.63×7.19×7.37×7.1×8.15×
Gross margin8.7%33.5%34.4%33.3%32.7%30.9%31.1%31.8%
Operating margin-1.3%2.3%7.5%10.1%9.5%6.9%7.4%8.4%
Net margin-1.4%1.7%5.6%7.1%7.0%5.0%5.6%6.4%
Current ratio2.99×5.39×4.06×4.03×3.89×4.05×3.74×3.87×
Debt / equity0.13×0.13×0.11×0.12×0.16×0.21×0.26×0.15×
Interest coverage-4.13×10.25×52.67×74.17×42.9×28.77×33.06×107.08×
Dividend yield3.1%5.3%4.4%2.5%2.5%3.4%3.9%2.8%
Payout ratio-116.3%205.0%52.1%30.1%31.2%50.2%46.1%34.3%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-2.1%2.4%9.2%13.7%12.5%8.7%11.5%14.2%
Return on invested capital-1.7%2.0%8.1%12.1%10.8%7.2%9.0%12.1%
Return on assets-1.4%1.8%6.7%9.9%8.8%6.1%7.6%9.9%
Free cash flow yield23.3%2.2%20.9%4.9%2.4%17.2%4.6%0.6%
Earnings yield-2.7%2.6%8.4%8.2%8.1%6.7%8.5%8.1%
Enterprise value€29.4M€40.4M€47.1M€85.3M€72.3M€52.7M€60M€66.6M
Net debt / EBITDA-9.23×-2.62×-1.78×-0.51×-0.5×-0.72×0.25×-0.44×
Cash conversion cycle (days)137169159173158140152146