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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
+77.1%
€65.34
vs €36.90 price
Levered DCF
€100.00
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
2.6
Grey zone
Rating
A-
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E25.1×290.46×-7.91×-4.87×-8.32×-18.46×-16.5×-9.04×
P/B5.39×2.59×2.45×2.77×1.8×3.09×1.61×1.09×
P/S0.91×0.35×0.37×0.43×0.35×0.51×0.37×0.31×
EV / EBITDA7.72×6.12×148.44×-9.69×26.87×24.22×10.32×7.48×
Gross margin13.3%21.0%2.0%8.5%15.2%11.8%23.6%26.6%
Operating margin7.0%2.7%-3.3%-8.6%-1.5%-8.7%-0.1%-1.5%
Net margin3.6%0.1%-4.7%-8.7%-4.2%-2.8%-2.2%-3.4%
Current ratio1.09×1×0.97×0.86×1.07×0.97×1.07×1.16×
Debt / equity0.38×0.51×0.49×0.66×0.46×1.19×0.94×0.93×
Interest coverage5.47×1.72×-1.53×-4.66×-0.65×-4×-0.03×-0.86×
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 equity21.5%0.9%-31.0%-56.7%-21.7%-16.8%-9.7%-12.0%
Return on invested capital9.2%3.8%-9.7%-27.7%-4.5%-18.0%-0.1%-3.5%
Return on assets3.2%0.2%-5.6%-10.5%-5.6%-2.9%-1.8%-2.7%
Free cash flow yield12.3%10.3%1.2%-22.9%-2.2%-21.6%-11.3%1.5%
Earnings yield4.0%0.3%-12.6%-20.5%-12.0%-5.4%-6.0%-11.0%
Enterprise value€5.4B€1.9B€1.9B€2.4B€1.6B€2.5B€1.4B€798.5M
Net debt / EBITDA-2.04×-2.08×-34.42×0.21×-4.95×1.36×1.42×0.34×
Cash conversion cycle (days)2323236386811399