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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
+57.6%
€14.18
vs €9.00 price
Levered DCF
€20.40
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
2.68
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/E22.35×18.65×47.79×104×24.7×32.95×38.77×21.68×
P/B1.5×1.52×1.49×1.14×3.14×4.12×2.34×1.78×
P/S0.6×0.58×0.6×0.51×1.21×1.52×0.96×0.77×
EV / EBITDA5.8×5.79×7.74×8.78×11.24×13.75×9.7×6.49×
Gross margin45.1%43.6%42.1%38.7%42.3%45.0%43.1%43.6%
Operating margin3.9%4.0%2.9%0.5%6.6%7.3%4.3%5.6%
Net margin2.7%3.1%1.2%0.5%4.9%4.6%2.5%3.6%
Current ratio2.7×2.7×3.25×3×2.94×2.86×3.14×3.01×
Debt / equity0.02×0.02×0.02×0.01×0.02×0.01×0.02×0×
Interest coverage4.9×5.28×3.53×1.37×23.16×17.66×47.46×10.54×
Dividend yield7.9%6.7%4.3%7.8%2.9%1.3%4.4%5.5%
Payout ratio175.6%124.3%208.0%827.1%70.5%41.8%171.2%118.7%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity6.7%8.1%3.1%1.1%12.7%12.5%6.1%8.3%
Return on invested capital4.6%4.6%3.1%0.4%7.7%8.0%4.1%5.5%
Return on assets3.4%3.8%1.6%0.6%5.9%5.4%2.7%3.8%
Free cash flow yield4.3%9.3%7.7%6.7%2.6%-1.4%4.4%2.0%
Earnings yield4.5%5.4%2.1%0.9%4.0%3.0%2.6%4.6%
Enterprise value€108.1M€110.1M€115.2M€94M€313.7M€375.8M€176.2M€130.5M
Net debt / EBITDA-1.66×-2.09×-2.65×-3.23×-1.3×-1.38×-2.68×-2.53×
Cash conversion cycle (days)131140155184171181157163