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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
+47.5%
€107.70
vs €73.00 price
Levered DCF
€140.44
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
7.16
Safe zone
Rating
A-
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E18.49×15.48×15.81×13.87×12.61×26.77×9.38×9.03×
P/B3.69×2.87×3.98×4.45×2.43×2.14×2.17×1.89×
P/S2.26×1.76×2.38×2.4×1.55×1.69×1.29×0.97×
EV / EBITDA9.83×8.47×9.57×9.72×6.85×12.08×7×5.08×
Gross margin17.7%28.8%35.5%32.2%30.7%25.7%27.9%30.6%
Operating margin18.7%16.8%22.0%22.4%17.0%15.4%15.5%16.0%
Net margin12.2%11.4%15.0%17.3%12.4%6.4%13.8%10.7%
Current ratio4.45×3.34×3.76×2.95×2.6×3.19×2.63×2.93×
Debt / equity0.21×0.26×0.28×0.31×0.39×0.59×0.45×0.51×
Interest coverage12.56×17.01×27.82×118.24×52.11×26.15×37.33×48.62×
Dividend yield2.2%3.5%2.7%1.6%1.3%5.4%3.9%2.0%
Payout ratio40.3%54.6%42.8%22.6%15.9%143.2%36.3%17.8%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity19.9%18.5%25.2%32.1%19.4%8.1%23.2%20.9%
Return on invested capital16.3%14.7%19.7%24.9%13.1%9.0%16.0%13.1%
Return on assets13.2%12.0%16.7%19.5%10.7%4.3%12.2%10.4%
Free cash flow yield5.2%5.7%1.6%2.1%7.5%0.3%1.5%2.4%
Earnings yield5.4%6.4%6.3%7.2%8.0%3.8%10.7%11.0%
Enterprise value€201.7M€126.3M€158.8M€147.7M€60.8M€46.4M€45.1M€30.4M
Net debt / EBITDA-0.49×-0.22×0×-0.08×-0.21×0.63×0.01×0.02×
Cash conversion cycle (days)129159178155165198110123