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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
-40.9%
€0.78
vs €1.32 price
Levered DCF
€0.02
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
1.03
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-7.47×-13.66×25.13×18.13×55.87×-19.23×-4.06×-1.6×
P/B1.71×1.07×1.31×1×0.87×0.66×0.57×0.19×
P/S0.97×0.53×0.57×0.47×0.33×0.29×0.23×0.08×
EV / EBITDA-14.05×-37.83×14.28×17.27×20.02×73.99×-13.47×205.63×
Gross margin15.7%18.1%19.6%20.4%18.1%16.7%17.9%19.2%
Operating margin-9.6%0.0%5.0%3.7%0.4%-2.3%-4.8%-3.1%
Net margin-13.1%-3.9%2.3%2.6%0.6%-1.5%-5.7%-4.8%
Current ratio1.74×1.91×1.75×1.96×2.17×2.15×1.61×1.8×
Debt / equity0.34×0.19×0.38×0.43×0.49×0.68×0.57×0.55×
Interest coverage-8.19×0×3×6.5×0.72×-3.56×-2.56×-1×
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 equity-23.2%-7.9%5.2%5.5%1.6%-3.5%-14.2%-11.3%
Return on invested capital-11.5%0.0%7.9%5.2%0.4%-3.0%-7.0%-4.4%
Return on assets-12.7%-4.6%2.6%2.8%0.8%-1.6%-6.6%-5.5%
Free cash flow yield-5.7%15.1%9.7%1.2%-5.2%0.2%-5.3%-16.1%
Earnings yield-13.6%-7.3%4.0%5.5%1.8%-5.2%-24.9%-60.8%
Enterprise value€13.7M€10.4M€14.6M€12.3M€10.9M€8.7M€8.7M€6M
Net debt / EBITDA-1.82×-4.01×2.37×4.86×6.58×27.32×-6.06×152.17×
Cash conversion cycle (days)176141150203159173173187