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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
+48.0%
€4.46
vs €3.02 price
Levered DCF
-€3.43
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
0.89
Distress zone
Rating
B
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E26.43×14.4×1.46×-5.48×-1.2×-0.17×-2.64×-1.44×
P/B0.87×0.7×1.26×4.59×0.59×0.41×0.39×0.29×
P/S10.43×10.32×19.46×6.99×2.21×0.09×0.2×0.07×
EV / EBITDA25.42×17.54×13.58×-292.86×96.95×33.51×19.68×13.78×
Gross margin53.3%58.1%54.4%47.5%28.5%10.5%21.2%26.4%
Operating margin18.9%-1.5%-1.5%-30.9%-24.4%-6.6%5.7%1.7%
Net margin38.3%73.4%1332.9%-126.1%-184.8%-51.0%-7.7%-4.6%
Current ratio29.56×2.86×2.49×2.25×0.74×0.23×0.68×0.52×
Debt / equity0.55×0.66×0.76×48.71×20.92×16.21×7×6.36×
Interest coverage0.76×-0.04×-0.01×-0.09×-0.14×0×0.53×0.21×
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
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity3.2%5.0%86.1%-82.8%-49.8%-237.4%-14.6%-20.3%
Return on invested capital1.0%-0.1%-0.1%-0.1%-0.3%-1.0%1.1%0.8%
Return on assets2.0%2.9%47.6%-0.7%-1.9%-7.1%-1.4%-2.1%
Free cash flow yield0.2%-1.3%8.5%-5.6%-216.5%-14.6%40.6%3.0%
Earnings yield3.7%7.1%68.5%-18.0%-83.8%-577.0%-37.9%-69.6%
Enterprise value€185.3M€173.2M€237.8M€562.9M€908.3M€996.2M€1.5B€1.4B
Net debt / EBITDA9.49×8.4×4.84×-266.95×94.04×32.61×18.54×13.12×
Cash conversion cycle (days)5314-33-202,279669642