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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
+48.5%
€30.19
vs €20.32 price
Levered DCF
€25.09
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
3.53
Safe zone
Rating
B
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E19.2×20.51×11.47×17.53×25.63×17.59×16.82×18.02×
P/B1.9×1.68×1.87×1.88×2.08×1.9×1.78×3.05×
P/S0.89×0.87×0.73×0.62×0.86×0.8×0.78×1.53×
EV / EBITDA8.24×7.24×7.08×10.9×15.08×12.71×11.53×16.38×
Gross margin25.0%30.4%22.7%16.9%19.8%17.7%19.6%21.5%
Operating margin8.9%6.1%8.0%4.8%5.0%4.3%5.3%7.6%
Net margin4.6%4.3%6.5%3.5%4.0%4.6%4.6%8.4%
Current ratio1.36×1.41×1.53×1.39×1.61×1.2×1.23×1.78×
Debt / equity0.58×0.46×0.4×0.54×0.55×0.48×0.52×0.5×
Interest coverage11.04×7.88×20.43×12.99×11.04×6.66×6.37×11.3×
Dividend yield3.4%3.0%2.7%2.4%2.2%2.6%2.5%1.8%
Payout ratio64.3%61.2%30.2%42.3%48.2%45.0%41.2%32.5%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity9.9%8.2%16.7%10.7%9.6%10.8%10.6%16.8%
Return on invested capital10.2%6.1%11.9%8.0%6.5%5.8%6.7%8.1%
Return on assets4.8%4.4%9.0%5.2%4.6%5.7%5.3%8.6%
Free cash flow yield9.4%10.3%9.9%6.6%4.8%7.0%4.5%4.4%
Earnings yield5.2%4.9%8.9%5.7%4.6%5.7%5.9%5.5%
Enterprise value€4.3B€4B€4.4B€4.1B€4.3B€3.7B€3.6B€5.4B
Net debt / EBITDA1.22×0.98×0.64×1.54×2.52×2.09×1.94×1.74×
Cash conversion cycle (days)3871544944405678