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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
+2.5%
€36.35
vs €35.46 price
Levered DCF
€47.43
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
2.76
Grey zone
Rating
B+
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E16.21×17.91×14.08×33.09×39.86×32.48×44.97×51.59×
P/B12.43×19.22×-837.41×-15.13×-10.48×-7.47×-5.68×-4.87×
P/S2.82×2.44×1.72×1.9×2.23×2.48×2.66×2.8×
EV / EBITDA10.26×9.76×9.03×11.91×11.55×11.71×12.61×14.11×
Gross margin57.1%60.8%48.2%43.5%48.2%50.4%50.1%50.2%
Operating margin25.7%25.4%19.5%16.1%19.7%22.6%20.8%20.7%
Net margin17.4%13.6%12.2%5.7%5.5%7.6%5.8%5.4%
Current ratio0.22×0.75×0.75×0.59×0.58×1×0.85×0.71×
Debt / equity3.02×6.84×-435.83×-8.47×-6.01×-4.66×-3.75×-3.19×
Interest coverage6.7×5.05×3.24×2.19×2.29×2.14×1.72×1.68×
Dividend yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.8%
Payout ratio0.0%0.0%0.0%0.0%0.0%0.0%0.0%42.3%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity76.9%107.0%-5968.9%-45.5%-26.0%-23.0%-12.5%-9.4%
Return on invested capital17.0%14.2%15.6%10.1%10.4%10.6%7.5%7.1%
Return on assets13.7%9.6%10.9%4.5%3.8%4.8%3.5%3.0%
Free cash flow yield7.5%10.2%9.5%3.7%4.4%4.1%3.8%1.1%
Earnings yield6.2%5.6%7.1%3.0%2.5%3.1%2.2%1.9%
Enterprise value€4.6B€4.1B€3.7B€3.8B€3.8B€3.9B€4B€4B
Net debt / EBITDA1.96×2.51×3.05×4.22×4.11×4.3×4.94×5.48×
Cash conversion cycle (days)4-13-4-18-153914