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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
+875.1%
€54.22
vs €5.56 price
Levered DCF
€18.71
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
1.12
Distress zone
Rating
A+
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E7.5×11.75×15.87×9.17×9.4×25.93×11.69×88.76×
P/B0.55×0.62×0.55×0.65×1.32×1.68×2.64×2.45×
P/S0.81×0.84×0.62×0.65×1.05×1.88×1.6×1.64×
EV / EBITDA5.48×8.07×6.61×7.88×7.67×14.9×15.78×19.83×
Gross margin23.1%24.1%26.7%24.7%26.9%31.7%30.0%27.0%
Operating margin3.7%10.9%10.1%12.8%15.8%17.4%16.9%10.6%
Net margin10.8%7.2%3.9%7.2%11.2%7.3%13.7%1.8%
Current ratio2.71×2.16×2.28×1.99×2.24×3.13×3.41×3.09×
Debt / equity0.82×0.89×0.96×0.93×0.68×0.95×1.96×1.1×
Interest coverage0.65×1.39×1.5×3.4×7×3.07×4.5×4.26×
Dividend yield6.5%3.9%4.8%7.8%1.6%0.0%0.0%0.0%
Payout ratio48.6%45.8%75.4%70.8%14.7%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity7.3%5.3%3.5%7.1%14.1%6.5%22.6%2.7%
Return on invested capital0.6%3.2%2.5%4.3%7.8%4.6%9.1%2.1%
Return on assets2.3%1.6%1.1%2.3%5.5%2.6%6.2%0.9%
Free cash flow yield-9.5%27.9%34.0%18.8%5.4%13.5%-25.2%-7.0%
Earnings yield13.3%8.5%6.4%11.0%10.6%3.9%8.5%1.1%
Enterprise value€467.5M€627.1M€480.2M€658.9M€1.1B€1.3B€1.3B€775.6M
Net debt / EBITDA1.56×3.35×2.26×3.45×2.01×4.79×5.96×4.7×
Cash conversion cycle (days)1,3501,3241,044914684969822626