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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
+298.6%
€24.95
vs €6.26 price
Levered DCF
€48.34
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
2.79
Grey zone
Rating
A
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E9.32×8.21×12.67×8.73×11.94×-30.29×40.24×-11.48×
P/B2.26×1.21×1.3×0.96×0.93×0.73×0.79×0.44×
P/S1.29×0.68×0.93×0.67×0.88×1.84×1.2×0.95×
EV / EBITDA6.07×4.45×7.47×5.08×5.95×37.97×13.43×36.19×
Gross margin30.1%23.5%21.8%22.6%21.3%12.4%16.1%11.5%
Operating margin18.0%10.9%9.6%9.7%10.6%-7.7%3.8%-5.0%
Net margin13.9%8.3%7.4%7.7%7.6%-6.1%3.0%-8.3%
Current ratio1.91×1.43×1.59×1.49×1.5×1.47×1.24×1.01×
Debt / equity0.12×0.13×0.14×0.22×0.17×0.23×0.17×0.18×
Interest coverage74.67×23.36×14.49×35.07×13.3×-3.08×2.87×-2.22×
Dividend yield2.7%3.7%3.2%2.7%0.0%0.0%0.0%0.0%
Payout ratio25.5%30.6%39.6%23.2%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity24.3%14.8%10.3%11.0%8.0%-2.4%2.0%-3.8%
Return on invested capital20.4%12.4%8.5%8.1%6.9%-2.1%1.4%-1.5%
Return on assets15.3%7.3%6.0%5.7%5.0%-1.6%1.4%-2.6%
Free cash flow yield3.0%15.5%3.6%4.3%18.5%0.3%-5.0%11.2%
Earnings yield10.7%12.2%7.9%11.5%8.6%-3.3%2.5%-8.7%
Enterprise value€86.6M€34.5M€38M€25.6M€20.7M€18.7M€20.3M€11.5M
Net debt / EBITDA-0.52×-0.88×-0.37×-0.37×-0.55×4.67×1.56×5.17×
Cash conversion cycle (days)71179710270175111135