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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
-60.7%
€0.28
vs €0.71 price
Levered DCF
€0.62
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
1.92
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/E2.86×-1.2×-5.95×-7.1×-1,595.74×17.08×129.46×149.28×
P/B0.51×0.52×1.77×1.9×3.26×2.63×4.29×3.65×
P/S0.15×0.13×0.51×0.8×1.58×1.15×1.64×1.93×
EV / EBITDA-5.08×9.54×11.9×-21.14×40.64×11.65×30.78×42.05×
Gross margin4.6%7.2%59.6%57.0%55.7%58.5%54.1%53.4%
Operating margin-11.9%-7.8%-7.5%-14.1%0.8%9.0%2.8%2.2%
Net margin5.2%-11.1%-8.6%-11.3%-0.1%6.6%1.3%1.3%
Current ratio0.72×0.68×0.95×1.15×1.55×4.17×6.87×10.01×
Debt / equity0.22×0.63×0.77×1.63×0.86×0.76×0.65×0.51×
Interest coverage-2.79×-1.69×-3.16×-25.84×2.35×30.33×11.8×8.1×
Dividend yield0.0%0.0%0.0%1.2%0.5%0.7%0.5%0.4%
Payout ratio0.0%0.0%0.0%-8.4%-856.5%11.4%60.1%64.8%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity17.7%-43.0%-29.7%-26.6%-0.2%15.2%3.3%2.4%
Return on invested capital-10.8%-12.8%-10.9%-8.7%0.8%8.2%1.8%1.6%
Return on assets3.8%-7.2%-6.6%-7.2%-0.1%7.4%1.6%1.4%
Free cash flow yield18.9%48.1%-6.7%-20.7%-2.5%-6.4%-0.5%-2.3%
Earnings yield34.8%-82.9%-16.8%-14.0%-0.1%5.8%0.8%0.7%
Enterprise value€4.7M€13.5M€45.3M€81.4M€123.4M€102.4M€130M€136.9M
Net debt / EBITDA3.46×4.81×3.43×-9.45×8.12×2.44×3.68×4.5×
Cash conversion cycle (days)180357378476343365236225