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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
-134.4%
-€0.74
vs €2.16 price
Levered DCF
-€1.49
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
2.41
Grey zone
Rating
—
Ratios by fiscal year

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

MetricFY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
P/E-237.33×-0.1×-14×-332.61×-288.57×-1.86×-19.15×-101.52×
P/B19.16×0.03×5.57×21.49×1.5×0.21×0.7×8.08×
P/S30.9×0.01×10.77×63.23×6.81×2.92×5.16×17.43×
EV / EBITDA193.22×-15.16×-45.53×-796.28×38.31×-2.43×-6,625.14×74.73×
Gross margin75.7%80.0%84.2%86.5%62.2%-7.9%8.3%34.7%
Operating margin-7.0%-5.7%-64.0%-18.1%5.5%-110.9%-31.1%-38.1%
Net margin-12.5%-11.2%-76.6%-19.1%-2.4%-157.5%-27.0%-17.1%
Current ratio2.24×2.07×0.69×3.02×1.14×0.99×2.74×2.66×
Debt / equity0.04×0.23×0.02×0×0.05×0.04×0×0×
Interest coverage-1.14×-0.86×-4.93×-5.68×1.95×-64.02×-31.18×-23.87×
Dividend yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Payout ratio0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Return on equity-7.8%-28.5%-39.6%-6.5%-0.5%-11.3%-3.7%-7.9%
Return on invested capital-4.2%-10.5%-32.7%-5.9%0.7%-7.7%-3.5%-17.7%
Return on assets-7.2%-19.7%-35.3%-5.9%-0.5%-10.1%-3.5%-6.3%
Free cash flow yield-0.1%-1320.8%-5.3%-0.8%0.4%-11.4%-3.6%-1.9%
Earnings yield-0.4%-1043.8%-7.1%-0.3%-0.4%-53.9%-5.2%-1.0%
Enterprise value€1.7B-€1.7M€621.6M€3.3B€166.2M€22.9M€79.5M€215.1M
Net debt / EBITDA-0.38×-17.86×-0.08×2.04×0.08×-0.06×307.25×-3.03×
Cash conversion cycle (days)-57-64-221-146103244120-50