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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
-54.7%
€15.70
vs €34.62 price
Levered DCF
€14.98
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
9.43
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/E15.2×23.84×23.83×28.98×51.56×58.21×28.42×23.26×
P/B2.64×4.04×4.42×4.88×6.76×3.63×3.12×2.47×
P/S2.14×3.2×3.55×4.09×6.52×4.86×2.98×2.41×
EV / EBITDA9.11×13.88×14.74×17.84×31.28×25.65×14.66×12.49×
Gross margin64.7%65.6%64.6%67.2%65.2%61.8%63.8%64.6%
Operating margin19.5%20.2%20.7%18.7%17.6%12.8%15.1%14.5%
Net margin14.1%14.7%14.9%14.1%12.7%8.4%10.5%10.4%
Current ratio2.95×2.76×2.7×2.26×3.21×4.09×3.55×3.18×
Debt / equity0.21×0.21×0.22×0.27×0.23×0.04×0.05×0.07×
Interest coverage5.02×22.4×22.4×46.06×39.65×52.06×60.94×58.01×
Dividend yield4.6%2.8%2.3%1.9%0.8%0.0%2.1%2.4%
Payout ratio69.2%61.9%55.5%53.8%40.1%0.0%59.9%55.3%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity17.3%18.6%18.5%16.8%13.1%6.2%10.9%10.6%
Return on invested capital14.9%15.5%15.2%12.9%10.3%5.9%10.2%9.6%
Return on assets12.1%12.6%12.3%10.1%8.6%5.0%8.4%7.9%
Free cash flow yield6.6%3.1%1.1%0.0%-1.4%2.0%3.1%4.2%
Earnings yield6.6%4.6%4.2%3.4%1.9%1.7%3.5%4.3%
Enterprise value€1.9B€2.8B€2.8B€2.9B€3.7B€1.7B€1.3B€975.9M
Net debt / EBITDA-0.24×-0.18×0×0.14×0.08×-1.6×-1.45×-1.58×
Cash conversion cycle (days)195305182278235301160135