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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
-6.3%
€114.36
vs €122.00 price
Levered DCF
-€134.40
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
0.2
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/E31.3×-6.98×18.51×12.42×14.44×10.71×11.54×13.33×
P/B1.59×0.66×0.81×0.9×0.99×0.93×0.92×0.97×
P/S0.33×0.1×0.15×0.21×0.17×0.19×0.18×0.31×
EV / EBITDA7.32×0×1.78×4×2.2×2.57×4.01×4.81×
Gross margin38.9%100.0%92.7%55.5%104.7%100.0%100.0%100.0%
Operating margin3.0%1.1%83.3%2.3%92.7%1.7%-1.0%-2.0%
Net margin1.0%-1.5%0.8%1.7%1.2%1.8%1.5%2.3%
Current ratio0.03×0.57×0.9×0.62×0.65×0.61×0.53×4.05×
Debt / equity0.13×0.14×0.02×0.02×0.03×0.03×0.03×0.04×
Interest coverage0×0×0×0×328.07×4.7×-0.71×-1.01×
Dividend yield0.1%7.5%5.2%4.4%4.2%4.6%4.4%4.6%
Payout ratio3.6%-52.4%96.6%55.0%60.3%49.1%51.2%61.7%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity5.1%-9.4%4.4%7.3%6.9%8.7%8.0%7.3%
Return on invested capital1.2%0.2%8.4%0.3%13.8%0.2%-0.1%-10.0%
Return on assets0.1%-0.2%0.1%0.2%0.2%0.2%0.2%0.2%
Free cash flow yield-0.1%21.3%-18.8%-56.6%7.9%-13.1%26.9%-23.3%
Earnings yield3.2%-14.3%5.4%8.1%6.9%9.3%8.7%7.5%
Enterprise value€950.8M€4.8M€117M€224.4M€195.5M€355.7M€391M€436.8M
Net debt / EBITDA-3.37×0×-9.94×-11.29×-8.03×-3.42×-3.96×-3.81×
Cash conversion cycle (days)3543-5382618980