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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
-211.0%
-€29.76
vs €26.82 price
Levered DCF
-€29.11
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
5.1
Safe zone
Rating
D+
Overall 1 / 5
Ratios by fiscal year

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

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E-25.91×-22.86×-11.08×-7.72×-7.42×-13.6×-5.01×-5.39×
P/B264.15×-25.6×-6.79×-5.84×-13.8×28.93×-7.51×16.97×
P/S41.46×16.41×30.25×24.85×45.11×31.51×42.03×73.43×
EV / EBITDA-33.96×-37.39×-17.01×-11.3×-9.67×-16.53×-7.82×-6.65×
Gross margin100.0%100.0%100.0%100.0%100.0%82.3%66.0%30.1%
Operating margin-130.6%-42.4%-229.0%-241.6%-582.2%-190.7%-677.6%-1075.3%
Net margin-160.3%-72.2%-273.3%-321.9%-606.5%-232.3%-838.5%-1364.3%
Current ratio4.67×2.7×1.66×0.34×0.89×4.14×2.69×3.35×
Debt / equity18.74×-3.59×-1.44×-1.36×-3.55×4.86×-2.12×4.33×
Interest coverage-3.87×-2.13×-4.54×-6.11×-12.91×-6.88×-9.15×-7.29×
Dividend yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Payout ratio0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity-1021.1%112.7%61.3%75.7%185.5%-213.3%149.9%-315.3%
Return on invested capital-24.4%-16.0%-78.7%-134.4%-57.4%-26.9%-85.9%-46.1%
Return on assets-29.0%-20.4%-67.8%-109.1%-56.0%-29.9%-87.6%-51.8%
Free cash flow yield-3.3%4.2%-4.7%-8.9%-12.6%-5.0%-11.2%-15.7%
Earnings yield-3.9%-4.4%-9.0%-13.0%-13.4%-7.4%-20.0%-18.6%
Enterprise value€804M€418.8M€316.6M€298.3M€207.4M€254.2M€141.3M€111.7M
Net debt / EBITDA0.23×0.03×-2.12×-1.94×-1.07×0.24×-1.19×-0.34×
Cash conversion cycle (days)8446917773-703-1,056-9