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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
+245.8%
€4.84
vs €1.40 price
Levered DCF
€3.37
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
0.66
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/E22.59×25.2×11.8×13.21×53.96×65.9×1.37×-29.08×
P/B1.38×1.05×1.05×1.08×1.68×0.92×2.69×-6.67×
P/S0.48×0.36×0.38×0.45×0.84×0.56×0.96×0.89×
EV / EBITDA4.93×3.45×6.77×5.83×7.72×6.02×3.31×8.88×
Gross margin21.6%63.7%60.0%63.9%64.3%68.4%71.8%74.1%
Operating margin9.3%8.3%8.3%7.5%6.5%5.9%3.2%6.6%
Net margin2.1%1.4%3.2%3.4%1.6%0.9%28.0%-3.1%
Current ratio0.84×0.78×0.9×1.11×0.75×1.17×1.03×1.18×
Debt / equity2.81×1.82×3.31×3.03×2.39×1.94×3.02×-10.95×
Interest coverage1.45×1.19×1.47×2.11×1.54×1.3×0.33×0.78×
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 equity6.1%4.2%8.9%8.2%3.1%1.4%78.3%22.9%
Return on invested capital4.8%5.4%5.1%4.2%2.9%3.2%2.0%4.9%
Return on assets1.2%0.8%1.7%1.7%0.8%0.4%17.1%-1.9%
Free cash flow yield20.8%30.0%16.7%5.1%6.6%23.8%9.6%11.6%
Earnings yield4.4%4.0%8.5%7.6%1.9%1.5%29.1%-3.4%
Enterprise value€429.1M€271.7M€404.9M€327.3M€329.8M€213.6M€287M€304.4M
Net debt / EBITDA3.18×2.04×4.98×4.03×4.4×3.9×1.73×5.46×
Cash conversion cycle (days)81-18198722-11-43-65