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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
+90.6%
€36.79
vs €19.30 price
Levered DCF
€54.85
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
11.72
Safe zone
Rating
A
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E15.97×19.3×20.74×37.75×15.63×24.97×25.54×37.44×
P/B2.94×2.9×1.89×1.74×1.47×2×3.67×3.85×
P/S0.97×0.91×0.68×0.58×0.44×1.08×3.24×3.76×
EV / EBITDA8.03×8.9×9.58×9.36×6.7×17.84×22.52×24.99×
Gross margin13.0%18.8%10.3%7.6%8.3%8.5%17.5%20.7%
Operating margin10.1%7.9%5.0%3.3%3.9%2.8%10.1%9.8%
Net margin6.1%4.7%3.2%1.5%2.8%4.3%12.6%10.1%
Current ratio2.82×1.91×1.9×2.86×2.54×2.11×4.11×7.89×
Debt / equity0.09×0.1×0.15×0.21×0.33×0.46×0.17×0×
Interest coverage23.87×13.89×11.65×11.29×13.24×6.1×22.82×775.67×
Dividend yield2.6%3.0%0.9%1.1%1.2%0.1%2.1%2.0%
Payout ratio42.1%58.1%19.3%42.2%18.6%1.9%54.0%74.9%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity18.5%15.1%9.1%4.5%9.4%8.0%14.3%10.4%
Return on invested capital15.8%11.5%6.9%3.9%5.3%2.4%7.4%8.4%
Return on assets11.7%8.5%4.8%2.2%4.5%3.6%10.5%9.5%
Free cash flow yield10.7%9.6%3.2%11.6%10.3%4.6%-1.9%0.3%
Earnings yield6.3%5.2%4.8%2.6%6.4%4.0%3.9%2.7%
Enterprise value€325M€297M€208.9M€150.5M€132.4M€188.8M€252.5M€220.2M
Net debt / EBITDA-0.68×-0.33×-0.24×-0.96×-0.35×1.62×0.2×-2.86×
Cash conversion cycle (days)365048404717013697