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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
-781.1%
-€54.45
vs €8.00 price
Levered DCF
-€40.30
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
3.04
Safe 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-69.41×-23.05×50.79×353.67×1,155×2,338.24×2,038.46×2,148.65×
P/B8.29×4.78×12.91×11.7×4.6×837.89×1,043.89×2,122.91×
P/S3.36×2.39×6.05×11.36×16.39×135.78×1,350.36×22,078.31×
EV / EBITDA-1,754.31×-36.2×34.05×134.58×805.64×-206.58×-202.34×-693.93×
Gross margin50.8%52.1%54.4%49.4%50.3%59.4%71.6%95.0%
Operating margin-5.7%-12.9%14.3%5.9%-2.5%-68.3%-679.2%-3205.0%
Net margin-4.9%-10.4%11.9%3.4%1.0%5.8%65.7%1025.0%
Current ratio1.47×1.86×2.41×3.32×10.23×2.61×1.15×1.14×
Debt / equity0.35×0.37×0.19×0.16×0.01×0×0×0×
Interest coverage-5.66×-13.95×40.22×10.72×-3.88×-88.8×-2,221×0×
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-12.2%-20.8%25.4%3.5%0.3%36.1%50.8%98.6%
Return on invested capital-8.3%-14.8%19.6%3.8%0.2%-54.0%-514.1%-306.7%
Return on assets-5.0%-10.1%14.2%2.3%0.2%3.0%16.3%44.1%
Free cash flow yield-0.6%-7.9%1.8%-1.0%-0.9%-0.7%-0.6%-0.1%
Earnings yield-1.5%-4.3%2.0%0.3%0.1%0.0%0.0%0.0%
Enterprise value€877.2M€560.4M€1.7B€1.2B€359.2M€441M€441.5M€441.3M
Net debt / EBITDA-63.8×-1.64×-0.04×0.66×-200.29×0.24×0.03×0.36×
Cash conversion cycle (days)139154103156917741,6061,205