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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
+556.6%
€20.62
vs €3.14 price
Levered DCF
€67.52
After debt service
Piotroski score
8 / 9
Strong
Altman Z-score
2.62
Grey zone
Rating
B+
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E11.33×6.83×7.51×23.36×33.29×65.21×19.11×29.89×
P/B0.58×0.45×0.46×0.45×0.43×0.5×0.65×0.42×
P/S0.32×0.24×0.23×0.22×0.29×0.41×0.55×0.38×
EV / EBITDA8.16×4.79×5.24×11.16×12.15×10.71×11.99×11.81×
Gross margin18.5%18.5%13.8%13.5%13.6%18.0%19.4%19.3%
Operating margin3.2%5.9%3.7%3.8%1.9%4.1%0.9%0.8%
Net margin2.8%3.5%3.1%0.9%0.9%0.6%2.8%1.3%
Current ratio1.73×1.36×1.83×2.23×2.11×4.16×2.27×1.99×
Debt / equity0.43×0.45×0.64×0.81×0.67×0.67×0.54×0.48×
Interest coverage3.55×4.16×1.44×3.08×1.58×1.92×0.43×0.36×
Dividend yield8.0%4.2%0.5%2.8%3.0%3.0%0.3%0.6%
Payout ratio91.2%28.6%3.5%66.4%101.3%197.5%6.7%17.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity5.1%6.5%6.1%1.9%1.3%0.8%3.3%1.4%
Return on invested capital2.7%5.4%3.1%3.0%1.5%1.6%0.6%-0.3%
Return on assets2.8%3.7%3.1%0.8%0.6%0.4%1.7%0.7%
Free cash flow yield16.9%31.6%33.2%-27.4%-12.4%-10.5%2.6%8.7%
Earnings yield8.8%14.6%13.2%4.2%3.0%1.5%5.1%3.3%
Enterprise value€102M€91.5M€104M€112.4M€92.4M€91.9M€98.5M€75.7M
Net debt / EBITDA3.04×2.22×2.84×6.79×6.93×5.37×4.82×5.93×
Cash conversion cycle (days)106110131158162174164193