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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
+114.5%
€42.28
vs €19.71 price
Levered DCF
€87.32
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
1.26
Distress zone
Rating
A+
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E10.95×13.61×9.58×11.05×16.09×19.11×10.1×9.81×
P/B2.59×2.78×2.61×2.24×2.76×2.88×2.78×2.89×
P/S0.52×0.57×0.41×0.41×0.55×0.66×0.54×0.46×
EV / EBITDA3.42×2.78×3.61×6.12×6.38×8.28×4.96×4.99×
Gross margin19.5%19.3%18.3%17.4%17.4%17.8%19.3%19.3%
Operating margin8.0%7.8%7.8%7.5%7.7%6.9%8.7%8.8%
Net margin4.8%4.2%4.3%3.7%3.4%3.5%5.3%4.7%
Current ratio1.07×1.07×1.16×1.29×1.3×1.35×1.34×1.41×
Debt / equity0.43×0.72×0.96×0.89×0.66×0.65×0.54×0.82×
Interest coverage9.01×8.58×9.44×10.16×12.44×7.86×11.29×14.42×
Dividend yield7.3%7.6%8.6%7.5%5.6%5.0%6.2%1.9%
Payout ratio79.6%104.0%82.3%82.6%89.6%94.8%62.5%19.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity23.6%20.4%27.2%20.3%17.2%15.1%27.5%29.5%
Return on invested capital18.7%13.8%16.3%15.0%14.5%11.6%17.6%17.6%
Return on assets3.4%2.5%3.5%3.2%3.0%2.8%5.0%5.2%
Free cash flow yield0.7%46.1%64.1%1.5%10.7%12.5%10.3%19.1%
Earnings yield9.1%7.3%10.5%9.1%6.2%5.2%9.9%10.2%
Enterprise value€370.4M€267.6M€438.6M€653.8M€683.4M€723.4M€733.7M€669.5M
Net debt / EBITDA-2.06×-3.59×-1.13×1.06×-0.19×-0.49×-0.36×-0.35×
Cash conversion cycle (days)-39-34-3217911-35