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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
-37.1%
€17.41
vs €27.70 price
Levered DCF
€22.88
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
5.08
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/E27.14×21.59×21.14×27.72×39.81×33.51×20.58×14.57×
P/B3.82×3.06×3.05×3.77×5.46×5.35×3.85×1.87×
P/S2.42×1.92×1.97×2.47×3.58×3.44×2.46×1.16×
EV / EBITDA14.31×11.34×10.93×14.31×20.91×21.23×15.61×8.49×
Gross margin22.5%83.7%23.0%33.4%31.6%31.3%69.5%65.1%
Operating margin12.6%12.0%12.9%13.1%13.4%13.1%11.8%8.6%
Net margin8.9%8.9%9.3%8.9%9.0%10.3%11.9%7.9%
Current ratio2.09×2.05×2.24×2.05×2.14×2.03×2.2×2.48×
Debt / equity0.21×0.24×0.22×0.13×0.13×0.17×0.13×0×
Interest coverage26.39×23.38×29.59×49.61×121.05×47.14×37.7×35.28×
Dividend yield1.3%1.8%1.8%1.4%0.9%0.8%1.0%2.0%
Payout ratio36.5%37.7%37.2%38.1%37.7%27.9%20.1%28.8%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity14.0%14.2%14.4%13.6%13.7%16.1%18.6%12.7%
Return on invested capital10.7%9.4%10.3%12.7%15.3%13.5%17.5%11.9%
Return on assets7.1%6.9%7.5%7.2%7.2%8.1%10.1%7.8%
Free cash flow yield8.5%2.5%4.2%0.9%4.8%8.7%5.3%12.8%
Earnings yield3.7%4.6%4.7%3.6%2.5%3.0%4.8%6.8%
Enterprise value€337.7M€259M€232.9M€268.1M€338.1M€315.4M€196.9M€69.1M
Net debt / EBITDA-1.04×-0.01×-0.39×-0.7×-2.01×-1.39×-1.74×-2.62×
Cash conversion cycle (days)12715114512410610987168