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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
-115.1%
-€2.87
vs €18.96 price
Levered DCF
-€35.35
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
0.45
Distress 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-6.99×-7.4×11.85×33.02×-49.17×-80.3×-138.7×34.93×
P/B1.13×2.01×1.79×3.33×11.66×8.57×6.62×7.43×
P/S10.17×13.33×11.55×27.92×17.79×17.03×9.62×5.74×
EV / EBITDA-161.19×-218.97×11.11×23.79×-50.86×-97.22×-218.04×29.81×
Gross margin8.0%21.3%30.0%28.4%27.6%-6.4%2.9%43.6%
Operating margin-66.0%-33.8%-0.5%-41.7%-37.8%-19.1%-6.8%16.6%
Net margin-145.5%-180.4%97.6%84.7%-36.3%-19.7%-6.9%16.5%
Current ratio2.33×2.8×0.97×0.6×3.64×10.06×10.15×4.87×
Debt / equity0.02×0.02×0.06×0.14×0.09×0.09×0×0×
Interest coverage-9.35×-21.27×-3.93×-123.97×-79.93×0×-80.39×215.98×
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-16.2%-27.2%15.1%10.1%-23.8%-9.9%-4.8%21.4%
Return on invested capital-3.1%-2.8%-0.0%-2.1%-21.1%-9.1%-4.5%20.3%
Return on assets-8.7%-16.3%8.5%4.2%-18.8%-8.9%-4.3%17.9%
Free cash flow yield-9.8%-5.7%-1.2%-3.9%-2.2%-1.0%-0.8%5.0%
Earnings yield-14.3%-13.5%8.4%3.0%-2.0%-1.2%-0.7%2.9%
Enterprise value€393M€897.6M€900.1M€1.2B€631.8M€547M€296.9M€239.5M
Net debt / EBITDA24.32×7.62×0.03×0.77×1.59×6.41×16.24×-0.91×
Cash conversion cycle (days)534727417413421