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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
-33.5%
€22.30
vs €33.55 price
Levered DCF
€23.62
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
5.35
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/E23.53×29.39×31.45×29.42×52.78×53.57×43.13×35.21×
P/B9.52×9.08×9.77×9.72×13.02×13.64×10.64×8.2×
P/S3.14×2.74×2.82×2.39×4.22×4.13×2.92×2.2×
EV / EBITDA15.58×15.47×16.18×14.96×25.64×25.72×20.49×19.22×
Gross margin25.2%53.6%52.3%50.3%52.0%52.4%52.0%56.0%
Operating margin16.3%14.3%14.5%13.1%13.0%12.7%11.1%10.6%
Net margin13.3%9.4%9.0%8.1%8.0%7.7%6.8%6.3%
Current ratio1×1.39×1.17×1.1×1.29×1.22×1.2×1.31×
Debt / equity0.63×0.19×0.21×0.48×0.27×0.41×0.56×0.42×
Interest coverage49.58×94.46×65.32×96.48×90.11×61.21×43.57×32.33×
Dividend yield4.1%3.1%2.6%2.6%1.5%1.4%1.5%2.0%
Payout ratio96.4%91.1%80.8%77.3%79.0%76.0%63.8%69.7%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity40.4%31.0%31.1%33.1%24.7%25.4%24.7%23.4%
Return on invested capital20.3%23.1%26.5%22.9%20.1%18.9%16.4%18.1%
Return on assets15.8%14.4%15.4%13.9%13.3%12.1%10.5%11.0%
Free cash flow yield1.9%5.8%4.9%4.4%2.8%2.9%3.0%3.2%
Earnings yield4.2%3.4%3.2%3.4%1.9%1.9%2.3%2.9%
Enterprise value€782.7M€870.6M€901.8M€778.2M€1.1B€1B€742.8M€420M
Net debt / EBITDA0.67×-0.42×-0.1×0.26×0.08×0.37×0.68×0.51×
Cash conversion cycle (days)25-21-87141238