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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
+159.3%
€52.90
vs €20.40 price
Levered DCF
€55.84
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
5.32
Safe zone
Rating
B+
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E14.25×9.16×10.52×7.99×13.04×10.16×6.73×8.16×
P/B2.53×2.35×2.9×3.49×3.33×3.25×3.04×3.49×
P/S2.81×2.47×2.98×3.32×3.66×3.38×3×3.5×
EV / EBITDA11.27×7.33×8.5×6.64×10.85×9.03×6.14×7.5×
Gross margin97.7%97.1%40.4%96.0%97.3%96.3%97.5%51.6%
Operating margin14.6%23.6%37.2%33.5%39.8%43.9%39.0%37.7%
Net margin19.7%26.9%28.4%41.5%28.0%33.3%44.7%42.9%
Current ratio1.58×1.5×1.66×1.5×1.62×1.48×2×1.19×
Debt / equity0×0×0×0×0×0×0×0.09×
Interest coverage4,058.2×204×150.47×1,633.13×596.2×640.63×716.8×388.78×
Dividend yield10.1%11.8%15.1%7.3%9.6%2.7%3.0%15.1%
Payout ratio144.1%107.9%158.3%58.4%125.5%27.5%20.1%123.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity17.8%25.6%27.6%43.7%25.5%32.0%45.3%42.7%
Return on invested capital11.2%19.4%29.7%28.9%30.4%36.4%34.3%19.5%
Return on assets12.2%17.2%17.5%25.0%16.5%20.5%33.7%19.8%
Free cash flow yield8.3%6.8%11.2%7.6%15.3%4.8%11.7%8.5%
Earnings yield7.0%10.9%9.5%12.5%7.7%9.9%14.9%12.2%
Enterprise value€38.6M€35.3M€43.9M€52.9M€51.7M€53.9M€51.6M€60.4M
Net debt / EBITDA-1.9×-1.35×-1.5×-1.17×-1.6×-0.66×-0.31×-0.23×
Cash conversion cycle (days)-90-46766-511171,64651