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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
-248.7%
-€5.46
vs €3.67 price
Levered DCF
-€2.49
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
0.53
Distress zone
Rating
B+
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E11.97×-9.26×-3.12×-15.58×8.04×-5.37×56.36×12.11×
P/B0.39×0.28×0.25×0.31×0.36×0.36×0.56×0.45×
P/S2.75×2.01×1.72×2.37×2.93×2.72×4.38×3.61×
EV / EBITDA12.34×26.14×-42.47×219.7×16.64×-27.06×39.88×22.08×
Gross margin85.5%78.7%75.8%75.0%83.5%84.0%83.4%75.6%
Operating margin65.6%48.5%78.9%5.3%60.9%74.0%75.4%52.0%
Net margin23.0%-22.0%-55.0%-15.4%36.3%-50.8%8.1%29.7%
Current ratio0.37×0.49×0.64×0.58×0.96×1.06×1.99×0.22×
Debt / equity0.81×0.83×0.97×0.9×0.98×1.14×1.03×0.89×
Interest coverage1.53×0.95×2.26×0.28×3.11×3.54×3.85×3.13×
Dividend yield2.9%0.0%13.0%11.2%0.0%6.3%8.1%9.8%
Payout ratio34.5%0.0%-40.5%-171.8%0.0%-33.8%438.0%118.9%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity3.2%-3.1%-8.2%-2.0%4.5%-6.7%1.0%3.7%
Return on invested capital4.9%3.7%5.8%0.4%3.5%3.7%4.2%3.2%
Return on assets1.7%-1.6%-4.0%-1.0%2.2%-3.0%0.5%1.9%
Free cash flow yield6.3%9.8%21.3%14.6%14.1%9.8%7.7%10.8%
Earnings yield8.4%-10.9%-32.1%-6.5%12.4%-18.7%1.8%8.2%
Enterprise value€1.2B€1.1B€1.2B€1.3B€1.4B€1.6B€1.8B€1.7B
Net debt / EBITDA8.31×19.47×-33.62×162.53×11.62×-20.13×24.77×14.64×
Cash conversion cycle (days)9012068107363386277216