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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
-627.0%
-€1.45
vs €0.28 price
Levered DCF
-€5.24
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
-1.11
Distress zone
Rating
C
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-0.6×-0.83×-2.67×-89.49×94.78×40.77×-0.29×0×
P/B0.68×0.33×0.5×0.85×2.56×10.79×0.07×0×
P/S0.18×0.18×0.33×0.56×1.68×2.18×0.01×0×
EV / EBITDA31.6×-7.23×43.5×6.12×11.28×16.41×6.8×4.12×
Gross margin-18.1%43.8%49.8%52.2%56.6%57.2%50.0%47.8%
Operating margin-26.7%-16.1%-9.6%0.5%6.3%7.0%0.4%0.6%
Net margin-30.3%-22.1%-12.3%-0.6%1.7%5.3%-3.9%-1.7%
Current ratio0.97×1.19×1.15×2.04×2.06×1.11×1.17×1.24×
Debt / equity1.12×0.5×0.4×0.39×0.4×2.73×3.52×2.14×
Interest coverage-9.51×-5.55×-4.71×0.52×2.29×3.01×0×0×
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-114.3%-40.0%-18.7%-1.0%2.7%26.3%-24.7%-10.8%
Return on invested capital-45.9%-19.1%-9.8%0.6%3.3%9.0%0.5%1.1%
Return on assets-36.5%-19.8%-10.1%-0.5%1.5%5.4%-3.9%-2.3%
Free cash flow yield-16.6%-35.7%-11.2%-7.5%-1.8%3.4%-488.7%0.0%
Earnings yield-167.3%-119.7%-37.4%-1.1%1.0%2.4%-343.1%0.0%
Enterprise value€35.1M€26.9M€40.1M€73.4M€215.3M€322M€51M€33.6M
Net debt / EBITDA16.63×-2.48×3.5×-0.16×-0.6×2.36×6.61×4.12×
Cash conversion cycle (days)34-28-212623241440