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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
-251.3%
-€2.09
vs €1.38 price
Levered DCF
-€1.43
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
-1.12
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/E-1.62×-23.43×-24.09×-8.38×-21.85×95.48×-98.11×69.85×
P/B2.15×1.99×2.95×3.1×3.56×2.67×6.55×8.12×
P/S0.58×0.87×1.19×1.25×1.88×1.55×3.06×4.17×
EV / EBITDA-3.95×20.99×96.72×-21.61×180.65×82.98×19.41×41.1×
Gross margin-6.4%51.4%45.7%45.7%6.2%4.5%-5.0%66.6%
Operating margin-32.0%-3.3%-4.6%-11.1%-3.4%-2.0%0.4%7.7%
Net margin-35.8%-3.8%-5.0%-14.9%-8.7%1.6%-3.1%5.6%
Current ratio0.43×1.28×1.49×1.54×1.99×2.82×2.71×3.39×
Debt / equity0.75×0.33×0.37×0.44×0.58×0.65×0.77×0.42×
Interest coverage-40.44×-6.96×-9.21×-15.79×-3.99×-2.06×0.42×35.61×
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 equity-133.1%-8.7%-12.5%-37.0%-16.4%2.8%-6.7%10.9%
Return on invested capital-57.5%-5.7%-8.3%-17.8%-4.0%1.3%0.5%6.9%
Return on assets-37.0%-5.0%-6.9%-18.5%-8.8%1.5%-3.2%5.3%
Free cash flow yield5.2%-9.2%-2.6%-6.8%-1.2%4.5%1.6%-0.1%
Earnings yield-61.8%-4.4%-4.2%-11.9%-4.6%1.0%-1.0%1.3%
Enterprise value€4.1M€7.2M€11M€11.7M€17.5M€15M€37.1M€46.9M
Net debt / EBITDA-0.9×1.22×0.96×-0.57×-4.14×-3.62×-0.05×-1.93×
Cash conversion cycle (days)4818434047496281