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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
-23.9%
€1.06
vs €1.40 price
Levered DCF
€1.00
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
1.13
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-5.14×-71.49×-9.24×-10.32×70.58×56.17×-6×-14.38×
P/B1.38×2.3×2.48×2.64×3.29×2.7×2.56×7.13×
P/S0.49×0.65×0.74×1×1.59×1.33×1.28×3.12×
EV / EBITDA12.89×9.09×33.18×96.55×13.18×7.99×-15.58×-25.21×
Gross margin44.1%45.6%41.6%42.7%48.3%46.6%35.0%38.2%
Operating margin-5.9%0.2%-6.7%-7.8%3.6%3.1%-17.5%-19.0%
Net margin-9.7%-0.9%-8.1%-9.7%2.3%2.4%-21.4%-21.6%
Current ratio1.11×0.86×1.05×1.31×1.78×1.84×1.28×1.68×
Debt / equity0.77×1.17×1.1×1.06×0.76×0.16×0.21×0.22×
Interest coverage-6.32×0.23×-4.76×-5.46×3.43×7.3×-31.43×-37.44×
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-26.9%-3.2%-27.1%-25.7%4.7%4.8%-43.1%-49.4%
Return on invested capital-7.4%0.2%-9.8%-9.3%4.3%4.1%-29.0%-39.3%
Return on assets-8.7%-0.8%-8.1%-8.6%2.0%2.7%-24.5%-29.8%
Free cash flow yield-8.2%8.2%7.5%-4.1%4.8%5.7%-11.2%-7.2%
Earnings yield-19.6%-1.4%-10.9%-9.7%1.4%1.8%-16.8%-6.9%
Enterprise value€16.9M€29.3M€30.7M€40.8M€58.3M€35.7M€35.9M€93.1M
Net debt / EBITDA0.32×1.27×2.65×9.97×0.24×-1.99×1.9×1.13×
Cash conversion cycle (days)15520201436-60