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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
-183.3%
-€280.55
vs €336.90 price
Levered DCF
€283.84
After debt service
Piotroski score
8 / 9
Strong
Altman Z-score
2.86
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/E18.8×27.36×-102.76×32.61×43.13×81.45×27.58×19.6×
P/B4.48×5.22×3.66×3.56×3.57×4.43×5.65×4.23×
P/S2.21×2.37×1.95×2.02×2.28×2.84×2.85×1.92×
EV / EBITDA12.33×15.27×55.47×14.3×14.2×31.36×17.02×13.09×
Gross margin19.3%16.6%2.3%16.0%14.0%12.4%20.1%17.9%
Operating margin14.2%11.9%-4.5%10.2%9.7%6.7%16.2%13.0%
Net margin11.6%8.5%-1.9%6.2%5.3%3.5%10.3%9.8%
Current ratio1.44×1.24×1.12×1.35×1.37×1.37×1.12×1.12×
Debt / equity0.56×0.84×0.44×0.43×0.49×0.57×0.36×0.39×
Interest coverage14.49×14.7×-3.46×12.13×13.6×6.09×14.43×17.02×
Dividend yield0.7%0.6%1.6%1.0%0.7%0.0%1.1%1.4%
Payout ratio12.9%17.1%-167.6%33.8%30.2%1.4%30.8%26.5%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity23.6%18.8%-3.6%10.9%8.3%5.4%20.5%21.6%
Return on invested capital11.6%8.8%-2.0%7.1%5.6%3.8%11.9%10.5%
Return on assets7.7%5.1%-1.0%3.6%2.7%1.7%6.2%6.5%
Free cash flow yield1.7%0.4%3.5%3.0%2.1%1.1%2.9%3.7%
Earnings yield5.3%3.6%-1.0%3.1%2.3%1.2%3.6%5.1%
Enterprise value€20.5B€18.7B€10.9B€11.3B€10.2B€12B€13.9B€9.5B
Net debt / EBITDA0.71×0.89×1.98×0.61×0.82×1.76×0.87×0.98×
Cash conversion cycle (days)20122524597119290249226