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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
+2708.7%
€836.99
vs €29.80 price
Levered DCF
-€0.31
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
4.2
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/E3.89×10.17×8.01×9.14×29.44×33.13×173.64×52.94×
P/B2.51×2.79×2.6×3.25×5.22×6.47×6.92×7.98×
P/S0.17×0.1×0.08×0.1×0.23×0.36×0.4×0.3×
EV / EBITDA4.25×5.77×4.86×5.23×15.21×49.12×48.31×31.9×
Gross margin2.9%2.8%2.7%2.1%2.6%3.0%3.0%2.9%
Operating margin1.2%1.5%1.2%1.5%1.3%1.2%1.0%0.5%
Net margin4.5%1.0%1.0%1.1%0.8%1.1%0.3%0.6%
Current ratio1.93×1.57×1.13×1.6×1.34×1.27×1.29×0.99×
Debt / equity1.09×0.54×0.43×0.55×0.63×0.4×0.48×0.7×
Interest coverage3.27×12.96×12.07×11.07×4.77×3.59×1.91×1.16×
Dividend yield2.2%3.1%3.5%0.2%0.0%0.0%0.0%0.0%
Payout ratio8.7%31.4%28.3%1.7%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity64.4%27.4%32.5%35.5%17.6%19.5%4.9%15.3%
Return on invested capital5.6%15.5%25.1%17.0%8.8%7.4%2.3%107.5%
Return on assets15.3%6.0%4.4%8.1%3.3%4.1%1.2%2.5%
Free cash flow yield-23.4%5.8%9.5%-1.9%15.0%4.3%1.1%6.4%
Earnings yield25.7%9.8%12.5%10.9%3.4%3.0%0.7%1.9%
Enterprise value€268.8M€122.2M€79.6M€81.5M€81.9M€96M€87.8M€80.8M
Net debt / EBITDA0.88×-0.63×-1.19×-0.95×-2.67×-0.17×0.55×2×
Cash conversion cycle (days)206-05-741610