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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
+6.8%
€420.20
vs €393.50 price
Levered DCF
€365.14
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
2.73
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/E29.51×25.29×24.18×24.24×30.42×54.7×29.07×20.43×
P/B4.76×4.7×6.01×6.19×7.77×6.88×5.7×4.02×
P/S3.97×3.75×4.26×4.31×5.7×5.76×3.88×2.77×
EV / EBITDA14.3×12.99×13.94×14.16×17.47×19.88×14.02×11.74×
Gross margin66.2%67.0%68.8%68.4%68.3%64.4%66.2%66.6%
Operating margin21.9%22.3%26.2%26.5%26.7%18.6%21.0%21.1%
Net margin13.5%14.8%17.6%17.8%18.7%10.5%13.4%13.6%
Current ratio1.58×1.41×1.32×1.26×1.23×1.58×1.17×1.4×
Debt / equity0.54×0.61×0.64×0.64×0.74×1×0.69×0.34×
Interest coverage15.36×15.94×23.19×55.02×70.78×22.74×25.28×62.51×
Dividend yield2.1%2.0%1.7%1.8%1.0%0.9%1.6%2.1%
Payout ratio61.7%51.7%41.2%42.8%29.3%51.8%45.3%42.7%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity16.1%18.6%24.9%25.6%25.5%12.6%19.6%19.7%
Return on invested capital9.7%10.4%13.4%13.4%11.7%5.8%10.3%12.2%
Return on assets7.7%8.4%10.6%10.5%9.6%4.3%7.4%8.6%
Free cash flow yield4.7%4.2%2.9%3.7%4.2%3.3%4.0%4.1%
Earnings yield3.4%4.0%4.1%4.1%3.3%1.8%3.4%4.9%
Enterprise value€348.9B€348.9B€397.9B€369.2B€393B€274.8B€228B€136.2B
Net debt / EBITDA1.15×1.18×1.09×1.07×1.19×1.27×1.2×0.55×
Cash conversion cycle (days)216221212207210225183193