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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
+32.4%
€1.43
vs €1.08 price
Levered DCF
€3.27
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
1.85
Grey zone
Rating
A-
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-17.21×-2.44×-4.34×-12.47×21.85×-3.97×-11.42×-11.9×
P/B0.48×0.39×0.37×0.27×0.29×0.31×0.32×0.24×
P/S0.35×0.32×0.34×0.26×0.33×0.38×0.33×0.22×
EV / EBITDA9.59×-12.01×49.72×16.52×6.5×69.74×8.28×3.65×
Gross margin14.1%5.5%11.8%12.3%13.7%7.4%11.5%13.9%
Operating margin-0.1%-12.3%-4.4%-3.4%-3.5%-10.5%-3.5%-0.5%
Net margin-2.0%-13.2%-7.8%-2.1%1.5%-9.6%-2.9%-1.9%
Current ratio1.05×1.03×1.48×1.35×1.49×1.24×1.35×1.4×
Debt / equity0.62×0.61×0.52×0.66×0.66×0.57×0.51×0.52×
Interest coverage-0.06×-4.41×-1.36×-1.74×-1.49×-6.07×-1.37×0×
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 equity-2.8%-16.1%-8.6%-2.2%1.3%-7.7%-2.8%-2.0%
Return on invested capital-0.1%-8.9%-3.1%-1.9%-1.5%-4.6%-1.6%-0.2%
Return on assets-1.5%-8.9%-5.0%-1.1%0.7%-4.4%-1.6%-1.1%
Free cash flow yield-7.1%-12.2%15.6%-70.1%-24.0%-9.2%-11.7%-12.1%
Earnings yield-5.8%-41.0%-23.1%-8.0%4.6%-24.8%-8.8%-8.4%
Enterprise value€13.3M€11.9M€11.8M€11.6M€9M€9M€9.2M€6.9M
Net debt / EBITDA5.12×-6.65×25.39×10.05×2.95×28.85×3.11×1.36×
Cash conversion cycle (days)156154180235203201179168