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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
+412.5%
€11.28
vs €2.20 price
Levered DCF
€2.28
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
1.34
Distress zone
Rating
B+
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-25.39×57.14×8.91×13.93×18.92×81.71×152.73×11.04×
P/B0.66×0.86×1.16×1.28×1.5×1.01×1.66×2.96×
P/S0.37×0.47×0.54×0.56×0.73×0.55×0.78×0.73×
EV / EBITDA13.8×7.72×4.38×4.74×5.33×7.49×7.7×5.66×
Gross margin14.7%74.2%74.6%46.3%51.6%48.0%49.0%51.7%
Operating margin-1.9%4.3%10.6%7.7%5.5%-4.0%1.6%8.7%
Net margin-1.5%0.8%6.0%4.0%3.9%0.7%0.5%6.6%
Current ratio2.29×2.36×2.44×2.1×1.74×1.72×1.63×1.5×
Debt / equity0.9×0.73×0.88×0.7×0.68×0.92×0.92×2.34×
Interest coverage-1.08×1.84×7.06×14.75×14.22×-6.19×1.2×6.55×
Dividend yield0.0%6.9%3.7%2.9%1.3%2.1%1.6%34.0%
Payout ratio0.0%394.0%32.5%39.9%24.7%171.4%246.1%377.9%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-2.6%1.5%13.1%9.2%8.0%1.2%1.1%26.6%
Return on invested capital-1.2%3.5%9.2%7.2%5.0%0.5%-8.9%7.5%
Return on assets-1.1%0.7%5.5%3.9%3.3%0.5%0.4%5.7%
Free cash flow yield15.9%-9.6%3.0%0.6%7.2%19.7%-1.2%21.0%
Earnings yield-3.9%1.7%11.3%7.2%5.4%1.2%0.7%9.0%
Enterprise value€24.2M€30.2M€35M€35.4M€37.5M€28M€43.6M€51.7M
Net debt / EBITDA5.9×2.9×1.04×1.08×1.11×2.48×2.21×2.1×
Cash conversion cycle (days)19934830017818716315567