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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
+365.6%
€54.94
vs €11.80 price
Levered DCF
-€0.84
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
0.94
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-2.64×-11.5×5.53×17.62×17.64×6.14×25.78×8.69×
P/B0.44×0.44×0.54×0.74×1.25×1.81×1.98×1.35×
P/S0.27×0.32×0.36×0.4×0.62×0.89×0.78×0.52×
EV / EBITDA7.31×8.74×-37.51×8.18×10.3×4.97×8.85×5.84×
Gross margin19.9%20.4%18.9%23.9%24.4%25.5%25.9%25.5%
Operating margin-0.6%-0.4%-9.9%6.1%7.1%21.6%9.2%7.0%
Net margin-10.2%-2.8%6.6%2.3%3.5%14.5%3.0%6.0%
Current ratio1.67×1.95×2.48×2×1.84×2.23×2.45×2.57×
Debt / equity0.72×0.67×0.68×0.96×0.93×0.93×1.06×0.98×
Interest coverage-0.77×-0.6×-9.54×6.57×8.34×15.17×5.97×4.75×
Dividend yield0.7%0.4%3.7%2.8%1.8%1.5%1.5%2.0%
Payout ratio-1.7%-5.1%20.5%49.2%32.2%9.3%38.5%17.2%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-16.5%-3.9%9.8%4.2%7.1%29.5%7.7%15.5%
Return on invested capital-0.5%-0.3%-6.9%3.7%4.4%14.7%6.0%4.9%
Return on assets-7.1%-1.8%4.6%1.6%2.5%10.0%2.4%5.0%
Free cash flow yield-3.7%9.2%20.9%-7.6%-1.5%2.4%2.6%2.4%
Earnings yield-37.9%-8.7%18.1%5.7%5.7%16.3%3.9%11.5%
Enterprise value€3.6B€4.8B€5.4B€7.2B€7B€8B€7.8B€5.7B
Net debt / EBITDA4.25×5.03×-20.38×4.46×3.42×1.58×2.86×1.98×
Cash conversion cycle (days)1101009512598828786