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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
-24.9%
€51.06
vs €68.00 price
Levered DCF
€68.31
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
3.66
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/E27.2×29.58×66.67×37.74×99.08×43.41×28.93×18.81×
P/B1.65×1.58×1.49×1.22×1.68×1.66×1.5×1.42×
P/S2.33×1.72×2.68×2.32×3.61×3.87×3.13×2.57×
EV / EBITDA10.69×13.65×24.88×9.15×30.9×16.48×9.38×4.52×
Gross margin61.6%6.4%39.5%41.4%44.4%12.8%52.5%49.7%
Operating margin9.4%4.6%3.6%6.8%4.7%10.3%14.1%15.7%
Net margin8.6%5.8%4.0%6.1%3.6%8.9%10.8%13.6%
Current ratio4.8×4.93×4.77×6.75×4.68×5.23×5.17×3.44×
Debt / equity0×0×0×0×0×0×0×0×
Interest coverage78.82×3,608.51×59.86×98.51×60.56×229.41×340.92×314.51×
Dividend yield1.9%25.2%1.3%0.9%1.3%1.9%2.0%2.2%
Payout ratio52.0%742.8%88.4%33.2%127.5%82.8%57.8%41.6%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity6.1%5.3%2.2%3.2%1.7%3.8%5.2%7.6%
Return on invested capital5.1%3.3%1.4%2.9%1.5%3.3%5.1%7.2%
Return on assets4.7%4.1%1.7%2.7%1.3%3.1%4.1%5.3%
Free cash flow yield12.3%-4.7%-0.6%5.5%-4.1%2.7%-2.2%3.1%
Earnings yield3.7%3.4%1.5%2.6%1.0%2.3%3.5%5.3%
Enterprise value€51.2M€53.8M€51.2M€29.1M€64.7M€62M€54.9M€38.4M
Net debt / EBITDA-8.47×-7.93×-27.54×-18.43×-26.16×-17.61×-11.49×-8.83×
Cash conversion cycle (days)29821529525232223218542