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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
-116.8%
-€0.23
vs €1.35 price
Levered DCF
-€1.74
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
1.82
Grey zone
Rating
C
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-6.83×-10.15×12.13×37.31×-10.92×-6.12×3.48×11.04×
P/B0.66×0.65×0.73×0.61×0.62×0.67×0.76×1.21×
P/S0.25×0.23×0.22×0.21×0.26×0.28×0.26×0.28×
EV / EBITDA11.62×8.52×8.09×10.14×12.75×21.71×4.33×6.24×
Gross margin34.4%42.1%44.1%44.3%47.4%47.8%46.4%43.8%
Operating margin-1.0%-1.3%1.9%13.8%-5.1%-8.4%-0.4%3.8%
Net margin-3.7%-2.3%1.8%0.6%-2.4%-4.6%7.4%2.5%
Current ratio1.07×1.03×1.12×1.08×1.32×1.3×1.39×1.56×
Debt / equity0.36×0.33×1.14×1.27×1.2×1.05×1.27×1.08×
Interest coverage-0.51×-0.53×1.11×9.55×-2.86×-5.44×-0.36×4.48×
Dividend yield0.0%0.0%0.0%0.0%0.0%0.0%4.6%1.1%
Payout ratio0.0%0.0%0.0%0.0%0.0%0.0%16.1%12.5%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-9.7%-6.4%5.9%1.6%-5.9%-10.9%21.7%11.0%
Return on invested capital-1.4%-1.2%2.2%16.6%-3.3%-6.8%-0.5%5.9%
Return on assets-4.0%-2.8%2.2%0.6%-2.2%-4.4%8.1%4.2%
Free cash flow yield5.9%-4.8%21.4%-16.7%-31.6%23.3%-12.0%-13.9%
Earnings yield-14.6%-9.8%8.2%2.7%-9.4%-16.4%28.7%9.1%
Enterprise value€55.9M€57.6M€137.8M€132.7M€117.4M€113.4M€146.5M€147.6M
Net debt / EBITDA4.09×2.66×4.89×6.78×8.14×12.97×2.61×2.89×
Cash conversion cycle (days)2927108134170150165122