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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
+171.9%
€40.14
vs €14.76 price
Levered DCF
€45.76
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
2.12
Grey zone
Rating
S
Overall 5 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-5.67×32.48×18.43×13.82×19.25×232.67×20.77×15.47×
P/B0.82×0.66×0.74×0.77×1.62×2.26×1.93×2.36×
P/S0.57×0.41×0.42×0.44×0.99×1.4×1.1×1.31×
EV / EBITDA36.35×5.17×5.63×5.72×8.46×17.31×9.36×9.73×
Gross margin54.8%57.8%54.1%53.5%56.1%56.4%57.3%57.8%
Operating margin-9.3%5.0%6.2%6.2%8.4%2.1%8.8%12.3%
Net margin-9.9%1.3%2.3%3.1%5.1%0.6%5.3%8.5%
Current ratio1.32×2.07×2.19×1.52×1.78×1.62×2.08×1.71×
Debt / equity0.69×0.63×0.76×0.73×0.75×0.88×0.95×0.98×
Interest coverage-4.13×2.08×3.16×5.99×9.49×1.47×6.51×106.67×
Dividend yield2.7%3.0%3.4%4.4%2.1%0.1%2.9%2.4%
Payout ratio-15.6%97.6%63.0%61.2%39.9%22.5%60.0%36.4%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-14.5%2.0%4.0%5.5%8.4%1.0%9.3%15.3%
Return on invested capital-7.8%2.0%3.1%3.6%5.1%1.7%5.2%7.7%
Return on assets-6.5%1.0%1.9%2.5%3.7%0.4%3.9%6.2%
Free cash flow yield10.2%17.2%11.4%4.1%5.7%7.1%6.5%4.9%
Earnings yield-17.6%3.1%5.4%7.2%5.2%0.4%4.8%6.5%
Enterprise value€769.1M€804.2M€874.8M€889.7M€1.4B€1.7B€1.6B€1.8B
Net debt / EBITDA14.39×2.11×2.34×2.24×1.92×3.47×2.4×2.12×
Cash conversion cycle (days)11313510811010593102103