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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
+173.6%
€125.88
vs €46.00 price
Levered DCF
€34.23
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
0.69
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/E13.06×-40.42×19.94×7.23×11.36×59.85×13.42×11.86×
P/B0.51×0.54×0.59×0.48×0.77×0.95×1.36×0.95×
P/S2.96×3.26×4.07×2.96×6.38×7.05×9.43×7.33×
EV / EBITDA14.65×65.58×21.24×12.6×23.37×23.04×22.59×22.75×
Gross margin37.7%53.0%61.2%44.7%56.6%76.5%84.1%83.1%
Operating margin29.3%11.6%45.9%58.8%56.0%118.8%74.8%69.8%
Net margin22.6%-8.1%20.4%52.4%56.2%11.7%70.3%61.8%
Current ratio1.03×1.1×0.93×1.32×0.97×0.07×0.08×0.13×
Debt / equity0.71×0.95×0.96×0.9×1.18×1.36×1.34×1.25×
Interest coverage2.23×0.54×2.19×4.37×5.48×9.71×6.58×5.96×
Dividend yield0.0%1.7%5.3%6.2%5.1%6.7%4.0%5.5%
Payout ratio0.0%-68.8%105.5%34.8%58.4%405.0%53.1%64.7%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity3.9%-1.3%2.9%8.5%6.8%1.6%10.1%8.0%
Return on invested capital1.9%0.9%2.3%3.9%2.5%6.0%4.3%3.9%
Return on assets2.2%-0.6%1.4%4.0%2.8%0.6%4.0%3.3%
Free cash flow yield-19.0%0.5%0.7%10.1%13.9%11.8%6.8%8.0%
Earnings yield7.7%-2.5%5.0%17.7%8.8%1.7%7.5%8.4%
Enterprise value€1B€1.2B€1.3B€1.1B€1.5B€1.1B€1.3B€1B
Net debt / EBITDA8.45×41.67×13.1×8.08×13.66×13.57×11.16×12.87×
Cash conversion cycle (days)7159351,2527681,315-456-408-448