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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
-89.9%
€0.21
vs €2.13 price
Levered DCF
€0.04
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
-12.85
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-3.16×-5.71×-6.27×-10.79×-6.32×-8.52×-6.14×-6.93×
P/B-12.31×3.62×2.61×3.2×25.13×12.07×3.83×3.09×
P/S92.22×16.33×13.04×11.5×58.01×18.32×8.53×21.84×
EV / EBITDA-2.7×-7.21×-4.86×-9.12×-7.1×-8.59×-5.47×-5.19×
Gross margin-81.4%74.0%67.0%74.7%-62.4%34.0%48.8%39.8%
Operating margin-3255.4%-301.7%-215.1%-92.8%-866.1%-218.7%-141.8%-318.2%
Net margin-2901.1%-283.0%-206.4%-106.4%-900.6%-216.5%-138.8%-318.2%
Current ratio2.53×5.95×2.86×3.15×0.6×1.13×1.79×3.82×
Debt / equity-0.11×0.71×0.12×0.24×1.59×0.02×0×0×
Interest coverage-9,656.78×-146.05×-27.85×-20.45×-50.88×-1,368.6×0×0×
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 equity387.3%-62.8%-41.2%-29.6%-390.2%-142.7%-62.3%-45.1%
Return on invested capital-175.5%-39.1%-37.6%-19.4%-144.8%-141.9%-62.7%-45.1%
Return on assets-110.9%-31.9%-28.9%-19.6%-120.3%-93.7%-44.1%-37.4%
Free cash flow yield-23.6%-26.9%-26.9%-4.4%-16.6%-12.4%-15.3%-13.7%
Earnings yield-31.5%-17.3%-15.8%-9.3%-15.5%-11.8%-16.3%-14.6%
Enterprise value€120.6M€104.4M€91M€147.6M€172.9M€150.7M€52.5M€60.7M
Net debt / EBITDA0.31×0.51×2.01×4.04×-0.18×0.27×1.03×1.66×
Cash conversion cycle (days)1,0631,602379148116-116-142