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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
+118.9%
€248.18
vs €113.40 price
Levered DCF
€166.11
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
2.9
Grey zone
Rating
A
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E14.37×13.68×15.72×17.74×21.45×-26.21×225×14.64×
P/B2.02×1.97×2.06×2.08×2.18×1.74×1.56×1.54×
P/S0.76×0.72×0.75×0.79×0.83×0.63×0.54×0.57×
EV / EBITDA6.32×6.17×6.79×7.09×8.47×13.8×9.11×6.21×
Gross margin20.0%51.3%49.5%50.9%51.3%50.3%49.3%47.7%
Operating margin6.1%7.1%5.9%6.0%4.9%0.0%1.4%5.5%
Net margin5.3%5.2%4.8%4.4%3.9%-2.4%0.2%3.9%
Current ratio1.38×1.34×1.34×1.37×1.42×1.42×1.45×1.51×
Debt / equity0.07×0.07×0.08×0.07×0.07×0.11×0.12×0×
Interest coverage42.59×25.45×17.02×74.94×32.07×0×3.7×14.51×
Dividend yield1.9%1.8%1.6%1.3%0.1%1.1%2.5%2.4%
Payout ratio27.5%25.1%24.6%23.6%1.3%-29.7%565.9%35.5%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity14.1%14.4%13.1%11.7%10.2%-6.6%0.7%10.5%
Return on invested capital9.3%11.4%9.4%9.7%7.6%0.0%0.6%8.7%
Return on assets5.9%5.8%5.0%4.5%4.0%-2.6%0.3%4.5%
Free cash flow yield7.6%7.1%-0.7%10.9%6.6%10.9%-3.5%6.1%
Earnings yield7.0%7.3%6.4%5.6%4.7%-3.8%0.4%6.8%
Enterprise value€3.9B€3.5B€3.2B€2.8B€2.7B€2B€2.2B€2B
Net debt / EBITDA-0.65×-0.54×-0.65×-1.45×-0.87×-0.62×0.21×-0.67×
Cash conversion cycle (days)116112129118119133125122