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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
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Levered DCF
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After debt service
Piotroski score
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Altman Z-score
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Rating
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Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2015FY2014FY2013FY2012FY2011
P/E0×0×0×-8.33×-45.38×-108.51×-526.32×86.54×
P/B0×0×0×1.86×1.35×1.35×1.94×2.35×
P/S0×0×0×8.32×4.73×5.65×9.59×4.19×
EV / EBITDA-0.64×0.21×-0.27×45.89×10.27×-72.77×-150.05×17.92×
Gross margin34.0%28.1%28.7%44.6%40.5%48.8%44.8%8.3%
Operating margin20.1%14.2%13.3%-63.3%1.7%-1.9%3.6%7.3%
Net margin18.1%13.6%12.6%-98.8%-10.7%-5.2%-1.8%4.8%
Current ratio1.47×1.14×1.15×1.67×1.45×3.3×1.68×1.7×
Debt / equity-1.39×-0.59×0×0.2×0.17×0.13×0.08×0.17×
Interest coverage16.21×22.51×34.13×-12.92×0.31×0.57×-0.75×3.18×
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
MetricFY2025FY2024FY2023FY2015FY2014FY2013FY2012FY2011
Return on equity-124.6%-40.5%3.5%-22.1%-3.1%-1.2%-0.4%2.7%
Return on invested capital31.1%35.1%72.8%-11.8%0.4%-0.4%0.7%3.2%
Return on assets19.7%20.0%25.1%-16.4%-2.3%-1.0%-0.3%1.8%
Free cash flow yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Earnings yield0.0%0.0%0.0%-11.9%-2.3%-0.9%-0.2%1.2%
Enterprise value-€354.8K€83.5K-€89.2K€14M€10M€9.9M€12.5M€18.6M
Net debt / EBITDA-0.64×0.21×-0.27×4.33×1.17×-6.5×-6.27×1.18×
Cash conversion cycle (days)1221141022942429701,089290