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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
-742.3%
-€14.45
vs €2.25 price
Levered DCF
-€5.24
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
0.88
Distress zone
Rating
D+
Overall 1 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-3.71×-0.72×-84.43×27.59×72.3×-4.15×-8.18×18.98×
P/B4.66×1.39×1.6×2.04×2.35×2.61×2.58×2.18×
P/S0.45×0.23×0.46×0.55×0.52×0.72×0.6×0.63×
EV / EBITDA-7.45×-2.7×20.07×9.25×16.69×-10.39×-45.23×11.95×
Gross margin37.4%37.1%34.8%40.1%42.8%45.2%39.7%49.7%
Operating margin-8.9%-16.6%9.7%3.9%1.4%12.8%-4.4%23.8%
Net margin-12.1%-31.6%-0.5%2.0%0.7%-17.3%-7.3%3.4%
Current ratio1.08×1.5×3.16×1.81×1.58×1.63×1.74×2.39×
Debt / equity1.86×1.72×0.7×0.73×1.39×1.78×1.45×0.99×
Interest coverage-5.44×-8.73×6.62×4.49×1.33×8.53×-6.86×35.28×
Dividend yield0.0%0.0%0.0%0.0%0.0%0.0%3.1%0.0%
Payout ratio0.0%0.0%0.0%0.0%0.0%0.0%-25.1%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-125.8%-193.3%-1.9%7.4%3.2%-62.8%-31.5%11.5%
Return on invested capital-15.1%-33.6%12.5%7.6%2.8%16.4%-7.1%29.8%
Return on assets-17.2%-51.0%-0.9%3.0%1.0%-16.4%-10.2%4.4%
Free cash flow yield-7.8%-39.0%-26.4%6.3%14.3%-7.0%-7.5%-0.4%
Earnings yield-27.0%-139.5%-1.2%3.6%1.4%-24.1%-12.2%5.3%
Enterprise value€45.1M€28.5M€52.7M€68.1M€68.5M€78.8M€103M€90.3M
Net debt / EBITDA-1.88×-1.28×4.98×2.24×5.76×-4.17×-15.46×3.47×
Cash conversion cycle (days)84184206184218342194264