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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
+170.5%
€1,157.68
vs €428.00 price
Levered DCF
€1,267.65
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
6.68
Safe zone
Rating
S-
Overall 5 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E9.51×8.22×11.12×9.38×8.75×14.04×11.3×8.8×
P/B1.15×1.17×1.35×1.21×1.27×1.42×1.48×1.47×
P/S0.59×0.61×0.73×0.63×0.65×0.69×0.74×0.72×
EV / EBITDA4.95×5.6×6.36×4.37×3.6×5.06×5.41×4.42×
Gross margin9.7%8.8%9.4%10.3%10.4%10.0%10.4%10.9%
Operating margin8.0%6.9%7.3%8.1%8.4%7.6%7.8%9.8%
Net margin6.2%7.5%6.6%6.7%7.4%4.9%6.5%8.2%
Current ratio4.48×4.84×4.67×4.56×5.59×6.6×5.16×4.88×
Debt / equity0×0×0×0×0×0×0×0×
Interest coverage124.04×72.69×75.05×72.1×48.59×23.75×62.23×0×
Dividend yield3.9%3.7%3.4%3.8%3.4%3.4%3.4%3.6%
Payout ratio37.4%30.3%37.5%35.6%29.6%47.5%38.9%32.1%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity12.1%14.2%12.2%13.0%14.5%10.1%13.1%16.8%
Return on invested capital11.8%10.3%10.6%11.8%12.4%11.5%11.8%15.0%
Return on assets9.8%11.8%10.0%10.7%12.3%8.7%10.9%13.5%
Free cash flow yield11.1%9.7%9.0%16.9%11.8%6.5%7.7%12.4%
Earnings yield10.5%12.2%9.0%10.7%11.4%7.1%8.8%11.4%
Enterprise value€693.3M€628.5M€756M€524.5M€447M€424.6M€517.1M€477.2M
Net debt / EBITDA-2.07×-2.66×-1.76×-2.3×-2.58×-4.09×-2.56×-2.02×
Cash conversion cycle (days)221518182661-14