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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
+23.3%
€4.81
vs €3.90 price
Levered DCF
€7.45
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
2.32
Grey 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-27.06×88.75×105.93×9.5×16.42×4.39×-5.76×4.12×
P/B0.68×1.04×1×1.85×2.49×1.64×0.73×0.86×
P/S0.52×0.83×0.86×1.03×1.28×1.08×0.6×0.62×
EV / EBITDA5.74×5.66×11.15×4.34×10.4×3.28×-13.76×5.67×
Gross margin9.0%10.4%48.7%26.5%26.9%25.4%46.4%51.3%
Operating margin0.4%3.0%2.1%18.2%18.7%19.1%-3.8%8.8%
Net margin-1.9%0.9%0.8%10.8%7.8%24.7%-10.5%15.0%
Current ratio2.14×2.38×2.27×2.18×1.92×2.16×2.16×2.17×
Debt / equity0.04×0.07×0.09×0.13×0.08×0.14×0.32×0.2×
Interest coverage0.12×0.82×26.82×335.72×259.78×166.04×-5.93×45.09×
Dividend yield0.0%0.0%3.7%2.0%1.7%0.0%5.4%0.0%
Payout ratio0.0%0.0%390.1%18.7%27.9%0.0%-30.9%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-2.5%1.2%0.9%19.5%15.2%37.4%-12.7%20.9%
Return on invested capital0.4%3.4%2.0%21.1%27.6%24.5%-3.6%10.8%
Return on assets-1.6%0.8%0.6%11.3%8.2%21.1%-6.7%12.0%
Free cash flow yield0.7%14.7%-1.0%12.9%-4.2%21.8%12.1%-9.4%
Earnings yield-3.7%1.1%0.9%10.5%6.1%22.8%-17.5%24.2%
Enterprise value€46M€80.7M€85.4M€171.7M€220.2M€112.3M€46.9M€58.1M
Net debt / EBITDA-2.47×-1.66×-2.17×-0.54×-0.24×-0.53×-2.99×0.77×
Cash conversion cycle (days)17320723211613243173163