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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
+183.4%
€205.76
vs €72.60 price
Levered DCF
€306.49
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
3.92
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/E9.39×10.02×9.85×12.62×14.46×24.95×17.26×13.93×
P/B1.82×1.46×1.17×1.22×1.37×1.38×2.04×2.11×
P/S1.02×0.91×0.76×0.6×0.81×0.77×0.82×0.77×
EV / EBITDA7.66×6.87×6.22×7.63×7.11×8.87×9.28×7.57×
Gross margin42.9%11.7%41.3%37.2%42.3%41.0%39.8%40.8%
Operating margin12.1%11.7%10.2%6.6%8.2%5.2%6.9%7.8%
Net margin10.9%9.1%7.8%4.8%5.6%3.1%4.7%5.6%
Current ratio1.94×1.73×2.01×1.91×2.01×2.69×2.25×2.29×
Debt / equity0.22×0.25×0.18×0.33×0.39×0.41×0.37×0.22×
Interest coverage12.17×8.14×15.63×8.09×7.98×4.38×7.32×9.77×
Dividend yield1.7%1.8%1.3%1.9%1.2%4.1%2.9%2.9%
Payout ratio16.2%17.9%12.8%23.8%16.6%102.9%49.8%40.9%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity19.3%14.6%11.9%9.7%9.5%5.5%11.8%15.1%
Return on invested capital13.1%10.7%9.4%7.1%6.6%3.9%8.7%11.3%
Return on assets11.2%8.0%6.9%4.8%4.4%2.7%5.7%7.5%
Free cash flow yield10.3%4.4%4.4%-11.5%10.9%19.1%6.4%-1.5%
Earnings yield10.6%10.0%10.2%7.9%6.9%4.0%5.8%7.2%
Enterprise value€590M€439.2M€300.8M€226.8M€204M€174.4M€275.7M€260.5M
Net debt / EBITDA0.51×0.42×-0.1×0.69×-0.22×-0.75×0.15×-0.16×
Cash conversion cycle (days)197218203193207198171190