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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
+387.1%
€18.46
vs €3.79 price
Levered DCF
€37.38
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
1.29
Distress 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-3.97×-14.92×4.94×-6.54×-19.86×-1.88×-4.62×8.37×
P/B1.15×1.15×1.27×2.89×2.23×2.12×1.18×1.56×
P/S0.15×0.19×0.21×0.29×0.36×0.38×0.3×0.54×
EV / EBITDA54.22×8.44×3.24×15.04×9.62×-3.74×-17.41×4.58×
Gross margin66.2%15.6%12.1%15.3%59.5%12.1%21.7%29.8%
Operating margin1.2%2.4%13.0%0.9%2.1%-24.4%-5.4%7.7%
Net margin-3.9%-1.3%4.3%-4.5%-1.8%-20.4%-6.6%6.5%
Current ratio0.89×1.44×1.47×0.95×1.32×1.31×1.84×2.1×
Debt / equity2.14×1.69×1.56×4.15×2.64×2.99×1.59×0.12×
Interest coverage0×0.91×2.64×0.54×1.6×-16.4×-5.09×8.81×
Dividend yield0.0%0.0%0.0%0.2%0.2%0.0%8.8%4.9%
Payout ratio0.0%0.0%0.0%-1.0%-3.6%0.0%-40.5%40.8%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-29.1%-7.7%25.7%-44.1%-11.2%-112.8%-25.6%18.6%
Return on invested capital2.3%3.3%16.6%1.7%-3.9%-24.4%-6.6%10.2%
Return on assets-4.9%-1.5%5.2%-5.2%-1.8%-17.3%-6.6%7.1%
Free cash flow yield-18.5%19.5%48.9%-6.2%9.9%2.6%8.6%-13.3%
Earnings yield-25.2%-6.7%20.3%-15.3%-5.0%-53.1%-21.7%11.9%
Enterprise value€188.9M€205.2M€221.7M€350.7M€345.8M€364.2M€399.2M€335.7M
Net debt / EBITDA32.91×4.23×1.57×8.07×4.45×-1.75×-7.72×-0.88×
Cash conversion cycle (days)871011208795136117136