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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
-164.5%
-€27.61
vs €42.80 price
Levered DCF
€32.00
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
3.07
Safe zone
Rating
A-
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E22.41×48.4×16.57×-286.67×13.32×16.05×11.96×12.38×
P/B2.16×2.17×3.14×3.83×3.14×2.64×2.64×3.04×
P/S1.14×1.05×1.73×2.65×2.29×1.97×1.71×1.91×
EV / EBITDA4.66×10.12×7.83×30.92×7.42×7.93×7.4×7.63×
Gross margin25.5%54.6%69.9%76.8%77.0%74.5%78.0%77.1%
Operating margin16.2%5.3%36.9%6.6%37.1%34.2%23.7%17.4%
Net margin5.1%2.2%10.4%-0.9%17.2%12.2%14.3%15.5%
Current ratio2.35×1.71×1.41×1.48×2.15×2.5×2.76×3.71×
Debt / equity0×0×0×0×0×0×0×0×
Interest coverage0×53.33×309.53×36.81×762.35×0×81.34×135.02×
Dividend yield3.8%2.6%1.8%2.5%2.7%3.8%4.0%3.9%
Payout ratio86.2%123.0%29.3%-706.7%36.3%61.8%48.1%48.8%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity9.6%4.5%19.0%-1.3%23.6%16.4%22.1%24.6%
Return on invested capital9.6%5.6%39.2%-2.9%31.9%28.9%19.0%16.4%
Return on assets4.5%2.0%7.8%-0.6%13.0%9.1%12.6%15.4%
Free cash flow yield4.1%5.2%-2.2%0.6%1.7%8.0%3.4%7.6%
Earnings yield4.5%2.1%6.0%-0.4%7.5%6.2%8.4%8.1%
Enterprise value€482M€486.1M€753.4M€780.2M€686M€451.6M€452M€459.7M
Net debt / EBITDA-0.69×-1.46×-0.5×-3.1×-1.06×-1.85×-1.35×-1.44×
Cash conversion cycle (days)236356691858454427470264