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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
+190.0%
€6.55
vs €2.26 price
Levered DCF
€4.17
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
1.99
Grey zone
Rating
B-
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-36.64×4.18×15.62×12.38×-92.44×-4.69×-3.83×-4.5×
P/B0.86×1.28×2.08×1.97×3.26×3.15×2×1.45×
P/S0.5×0.69×0.6×0.53×0.37×0.4×0.32×0.5×
EV / EBITDA19.65×10.1×8.48×8.35×9.65×-249.24×-30.39×-8.62×
Gross margin11.5%16.2%50.9%62.4%51.3%52.9%46.2%53.5%
Operating margin-0.7%2.4%4.8%6.3%3.3%-6.3%-3.6%4.9%
Net margin-1.3%16.5%3.8%4.3%-0.4%-8.6%-8.3%-11.1%
Current ratio1.7×2.09×1.91×1.56×0.77×1.6×1.7×1.49×
Debt / equity0.23×0.34×1.17×1.41×2.6×3.37×2.1×0.81×
Interest coverage-0.38×0.72×1.5×2.44×1.39×-2.08×-0.81×3.32×
Dividend yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%3.2%
Payout ratio0.0%0.0%0.0%0.0%0.0%0.0%0.0%-14.3%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-2.3%30.5%13.2%15.7%-3.5%-66.6%-52.5%-32.1%
Return on invested capital-1.0%3.1%3.6%9.0%-2.0%-9.6%-6.8%7.4%
Return on assets-1.3%16.6%3.9%3.9%-0.5%-9.3%-10.7%-8.5%
Free cash flow yield15.6%3.4%2.7%-6.6%16.1%17.3%-21.8%9.7%
Earnings yield-2.7%23.9%6.4%8.0%-1.1%-21.2%-26.2%-22.2%
Enterprise value€197.3M€311.4M€350.1M€279.1M€202.7M€209.6M€236.2M€185.1M
Net debt / EBITDA3.09×1.89×2.71×2.87×3.48×-101.42×-13×-2.14×
Cash conversion cycle (days)1171441381821471411252