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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
+317.3%
€46.32
vs €11.10 price
Levered DCF
€34.49
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
3.32
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/E23.74×25.92×20.08×22.73×105×103.89×39.4×44.68×
P/B0.71×0.63×0.81×0.93×1.97×4.06×4.71×2.71×
P/S0.17×0.17×0.21×0.26×0.57×0.92×0.74×0.58×
EV / EBITDA5.9×7.11×6.13×6.9×19.02×43.99×22.88×20.95×
Gross margin4.4%8.0%6.1%6.6%5.0%6.0%6.6%7.1%
Operating margin2.0%1.7%1.8%1.8%1.1%1.5%2.8%2.3%
Net margin0.7%0.7%1.1%1.1%0.5%0.9%1.9%1.3%
Current ratio1.9×2.02×3.23×3.05×3.21×4.45×2.77×2.58×
Debt / equity0.37×0.47×0.04×0.04×0.13×0.13×0.08×0×
Interest coverage2.18×2.91×13.03×23.04×8.84×14.22×74.22×211.05×
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 equity3.0%2.5%4.0%4.1%1.9%3.9%12.0%6.1%
Return on invested capital3.1%2.3%3.9%3.8%1.8%3.9%10.8%5.8%
Return on assets1.7%1.3%3.2%3.2%1.4%2.8%8.4%4.4%
Free cash flow yield10.2%20.9%4.0%7.7%6.3%-7.4%-0.7%-2.6%
Earnings yield4.2%3.9%5.0%4.4%1.0%1.0%2.5%2.3%
Enterprise value€469.7M€455.4M€323.7M€354.3M€659.7M€577.3M€375.1M€179.2M
Net debt / EBITDA1.34×2.07×-1.02×-1.2×-3.42×-0.04×-0.57×-1.35×
Cash conversion cycle (days)292527242654232