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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
+71.2%
€113.84
vs €66.50 price
Levered DCF
€80.49
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
3.21
Safe zone
Rating
A
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E14.04×14.55×15.23×14.62×17.28×20.72×23.08×20×
P/B1.29×1.27×1.42×1.44×1.5×2.17×2.21×2.17×
P/S1.37×1.21×1.19×1.24×1.21×1.75×1.72×1.87×
EV / EBITDA6.66×6.12×5.81×8.72×9.64×11.06×11.47×12.26×
Gross margin61.2%63.1%62.9%60.7%54.9%56.4%57.1%58.8%
Operating margin14.7%14.8%18.0%13.0%10.1%10.5%10.7%13.5%
Net margin9.7%14.1%7.8%8.5%7.0%8.4%7.4%9.4%
Current ratio2.34×2.97×1.83×2.04×2.25×2.3×2.16×1.72×
Debt / equity0.26×0.3×0.47×0.61×0.62×0.71×0.67×0.68×
Interest coverage217.27×21.99×11.66×11.87×7.76×7.47×5.7×7.87×
Dividend yield1.9%1.6%1.5%1.4%1.4%1.0%1.0%1.0%
Payout ratio26.0%14.0%22.7%20.8%24.5%20.9%23.2%20.3%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity9.2%14.8%9.3%9.8%8.6%10.5%9.6%10.8%
Return on invested capital6.7%7.4%10.0%6.4%5.5%5.3%5.3%6.0%
Return on assets5.5%8.8%4.4%4.6%4.1%4.7%4.3%4.9%
Free cash flow yield3.7%5.8%0.5%1.9%0.3%3.8%1.0%-1.2%
Earnings yield7.1%11.6%6.6%6.8%5.8%4.8%4.3%5.0%
Enterprise value€2.3B€2.1B€2.4B€2.5B€2.4B€2.8B€2.8B€2.6B
Net debt / EBITDA0.18×0.31×1.04×2.16×2.26×2.06×2.38×2.43×
Cash conversion cycle (days)32324821425720820120384