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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
-19.1%
€30.73
vs €38.00 price
Levered DCF
€31.36
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
3.1
Safe zone
Rating
A-
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E23.87×20.12×17.92×16.73×35.03×25.21×16.61×16.26×
P/B2.37×2.28×2.75×2.87×5.18×3.79×2.84×3.26×
P/S2.4×2.2×2.2×2.14×4.29×3.34×2.18×2.2×
EV / EBITDA11.63×11.04×10.4×10.48×20.38×16.12×10.5×10.41×
Gross margin35.3%34.3%34.8%34.9%35.8%35.8%36.7%37.0%
Operating margin14.2%16.1%18.6%18.5%18.4%16.0%18.1%18.5%
Net margin10.1%10.9%12.2%12.8%12.2%13.2%13.1%13.5%
Current ratio2.22×2.25×1.93×1.9×1.87×2.31×1.99×1.77×
Debt / equity0.34×0.4×0.46×0.58×0.63×0.54×0.58×0.47×
Interest coverage8.87×7.75×11.57×40.2×70.72×39.89×45.7×64.33×
Dividend yield0.7%0.8%0.7%0.7%0.4%0.7%0.8%0.8%
Payout ratio17.4%15.4%12.7%11.7%15.1%16.6%12.9%13.4%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity9.9%11.3%15.3%17.2%14.7%15.0%17.1%20.0%
Return on invested capital7.0%8.3%11.0%10.7%9.1%9.3%10.4%12.4%
Return on assets6.1%6.7%8.5%8.5%7.1%8.0%8.8%10.5%
Free cash flow yield4.7%5.0%3.3%1.6%3.6%5.0%4.6%2.9%
Earnings yield4.2%5.0%5.6%6.0%2.8%4.0%6.0%6.1%
Enterprise value€5.3B€5B€5.4B€5B€7.4B€4.6B€3.3B€3.1B
Net debt / EBITDA0.64×0.91×0.94×1.14×1.37×0.94×1.16×0.96×
Cash conversion cycle (days)199197176187178179184163