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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
+2509.5%
€708.49
vs €27.15 price
Levered DCF
-€143.22
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
0.87
Distress zone
Rating
C+
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E2.08×-1.26×1.81×-56.25×0.85×8.8×8.74×9.16×
P/B1.09×0.75×0.67×0.52×0.53×1.25×0.98×0.75×
P/S0.14×0.1×0.15×0.1×0.15×0.15×0.18×0.16×
EV / EBITDA-34.76×37.52×1.67×4.46×1.15×3.39×4.08×3.47×
Gross margin29.8%3.6%16.6%34.6%6.3%5.1%15.4%16.2%
Operating margin3.0%-11.2%9.3%-7.6%-11.1%-10.9%2.6%-7.7%
Net margin6.4%-7.7%8.5%-0.2%17.9%1.7%2.0%1.7%
Current ratio0.84×0.85×1.15×1.1×1.41×1.16×1.11×1.28×
Debt / equity2.87×1.95×0.87×0.96×0.73×1.64×1.19×0.72×
Interest coverage1.96×-4.71×5.18×-5.25×-11.34×-8.11×2.38×-13.14×
Dividend yield6.5%9.3%5.0%8.3%6.1%6.4%8.3%11.3%
Payout ratio13.9%-11.7%9.1%-461.2%5.1%56.1%73.1%103.4%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity51.1%-59.8%37.1%-0.9%62.3%14.2%11.2%8.1%
Return on invested capital5.2%-20.1%16.9%-6.0%-14.9%-24.2%4.8%-14.5%
Return on assets5.9%-9.3%9.1%-0.2%17.5%2.0%2.5%2.3%
Free cash flow yield-45.5%-88.1%-23.0%-33.3%-46.2%-33.0%-23.1%-25.8%
Earnings yield47.1%-79.6%55.1%-1.8%118.0%11.4%11.4%10.9%
Enterprise value€2B€1.4B€1.1B€816.2M€652.2M€408.7M€323.6M€156M
Net debt / EBITDA-23.26×24.12×0.62×2.43×0.48×1.41×1.78×0.47×
Cash conversion cycle (days)7649464157555165