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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
-121.1%
-€5.25
vs €24.84 price
Levered DCF
-€7.96
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
3.95
Safe zone
Rating
C
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-38.24×-2.1×-6.15×-2.21×-5.41×-10×-3.52×-7.51×
P/B-10.94×-2.17×-132.44×-4.66×9.51×4.78×-87.84×16.03×
P/S31.19×-12.3×8.12×26.42×25,390.13×6,730.49×2,633.95×65.65×
EV / EBITDA-80.15×-2.34×-7.29×-2.62×-4.74×-8.46×-4.19×-7.22×
Gross margin100.0%100.0%100.0%68.6%26470.0%4650.0%3736.8%100.0%
Operating margin-36.5%589.1%-89.1%-1057.2%-525790.0%-72856.0%-72341.2%-864.2%
Net margin-80.8%586.9%-132.1%-1194.3%-470030.0%-67180.0%-74875.0%-872.2%
Current ratio1.09×1.04×1.75×1.38×2.53×6.58×3.22×3.68×
Debt / equity-1.13×-0.77×-27.44×-1.97×1.72×0.7×-21.84×1.44×
Interest coverage-1.04×-8.46×-3.35×-8.65×-78.36×-7.27×-10.26×-35.5×
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
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity28.4%103.7%2154.1%210.9%-176.1%-47.7%2497.1%-213.1%
Return on invested capital-74.3%-510.2%-54.6%-178.5%-68.4%-30.4%-109.6%-79.7%
Return on assets-35.4%-101.1%-42.3%-95.4%-46.2%-25.1%-90.8%-65.7%
Free cash flow yield-3.7%-14.3%-5.2%-30.2%-12.3%-8.4%-24.0%-11.6%
Earnings yield-2.6%-47.7%-16.3%-45.2%-18.5%-10.0%-28.4%-13.3%
Enterprise value€967.2M€143.9M€219.4M€140.8M€216M€266.4M€188.5M€212.7M
Net debt / EBITDA-3.53×-0.02×0.82×-0.27×0.83×2.23×-0.21×0.53×
Cash conversion cycle (days)95-268115-756142,42129,2187,6493