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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
+1294.1%
€53.53
vs €3.84 price
Levered DCF
€46.29
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
1.61
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/E9.35×11.67×24.57×9.65×4.65×33.75×9.59×35.31×
P/B0.89×1.1×1.21×1.27×1.23×1.47×2.32×1.42×
P/S0.16×0.18×0.17×0.27×0.35×0.32×0.47×0.33×
EV / EBITDA3.29×3.46×4.12×5.43×4.08×4.43×3.64×8.33×
Gross margin16.9%18.1%33.2%10.0%34.2%10.6%14.2%22.9%
Operating margin3.5%3.7%2.6%4.5%11.6%2.9%3.7%2.3%
Net margin1.7%1.5%0.7%2.8%7.5%1.0%4.9%0.9%
Current ratio0.77×0.85×0.83×0.86×1.12×0.81×0.87×1.41×
Debt / equity2.48×2.77×3.26×3.75×1.98×2.47×2.14×0.83×
Interest coverage1.82×1.94×1.44×4.22×8.21×2.8×3.24×3.53×
Dividend yield2.0%0.0%0.0%21.8%3.4%0.0%12.3%4.4%
Payout ratio18.5%0.0%0.0%210.2%15.8%0.0%118.0%155.4%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity9.6%9.4%4.8%13.2%26.5%4.4%24.1%4.0%
Return on invested capital3.2%4.6%2.7%3.0%9.6%1.8%3.8%2.9%
Return on assets2.1%1.9%0.9%2.2%7.2%1.0%5.9%1.6%
Free cash flow yield73.1%79.4%59.3%-47.8%35.9%42.7%22.1%3.8%
Earnings yield10.7%8.6%4.0%10.4%21.5%3.0%10.4%2.8%
Enterprise value€138.9M€141.1M€151.8M€162.8M€95.3M€104.3M€112.7M€67.2M
Net debt / EBITDA2.34×2.37×2.9×3.97×2.07×2.61×1.54×2.76×
Cash conversion cycle (days)242126532121196