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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
+150.5%
€24.80
vs €9.90 price
Levered DCF
€29.96
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
3.48
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/E10.08×8.34×8.85×11.89×8.4×8.03×10.45×10.93×
P/B1.12×1.05×1.06×1.14×1.33×1.23×1.47×1.51×
P/S1.45×1.31×1.21×1.12×1.42×1.32×1.57×1.57×
EV / EBITDA6.72×5.29×5.32×7.14×5.64×5.49×6.88×7.04×
Gross margin34.1%43.0%60.3%44.2%40.2%36.9%37.5%37.4%
Operating margin15.2%18.9%17.6%12.5%21.4%21.4%18.8%18.6%
Net margin14.4%15.8%13.7%9.4%16.9%16.4%14.9%14.4%
Current ratio3.09×2.87×3.09×2.82×2.76×3.01×2.92×3.03×
Debt / equity0.12×0.14×0.15×0.17×0.18×0.23×0.25×0.28×
Interest coverage37.93×44.75×91.23×101.53×163.89×127.42×88.32×0×
Dividend yield4.1%4.9%4.6%4.3%3.6%4.8%3.2%2.8%
Payout ratio40.9%40.9%40.3%50.9%30.5%38.5%34.0%30.2%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity11.1%12.6%12.0%9.6%15.7%15.3%14.0%13.8%
Return on invested capital8.0%10.0%10.0%8.2%12.6%12.2%10.6%10.3%
Return on assets8.7%9.5%9.2%7.0%11.2%10.8%9.7%9.2%
Free cash flow yield2.6%10.6%14.2%-5.1%9.5%15.3%4.1%3.1%
Earnings yield9.9%12.0%11.3%8.4%11.9%12.4%9.5%9.1%
Enterprise value€492M€448M€410.8M€429.1M€479.7M€421.5M€476.1M€466M
Net debt / EBITDA0.51×0.5×0.44×0.87×0.61×0.79×0.93×0.87×
Cash conversion cycle (days)202232276213177172202169