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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
+140.1%
€14.12
vs €5.88 price
Levered DCF
€14.37
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
3.64
Safe zone
Rating
A+
Overall 5 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E7.48×12.96×12.69×15.07×15.61×11.69×23.93×26.5×
P/B0.81×0.75×0.81×0.77×0.66×0.73×0.86×0.96×
P/S1.86×1.31×1.39×1.32×1.15×1.4×1.28×1.4×
EV / EBITDA3.65×2.45×2.98×3.13×2.57×2.87×5.13×6.59×
Gross margin19.8%71.9%70.5%24.1%18.3%12.7%51.2%51.0%
Operating margin9.6%11.0%11.9%11.3%9.5%7.7%7.0%7.9%
Net margin24.7%10.1%11.0%8.7%7.3%11.9%5.3%5.4%
Current ratio4.51×3.44×3.3×3.17×2.91×3.02×2.43×2.52×
Debt / equity0.05×0.05×0.05×0.06×0.07×0.07×0.08×0.04×
Interest coverage18.55×37.5×347.11×65.24×54.33×39.21×7.67×14.42×
Dividend yield3.6%4.9%3.5%3.1%3.7%0.0%2.5%2.0%
Payout ratio26.8%62.7%44.5%46.8%58.9%0.0%60.5%52.8%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity10.7%5.8%6.4%5.1%4.2%6.2%3.6%3.7%
Return on invested capital2.7%4.1%4.7%4.4%3.6%3.3%2.8%3.2%
Return on assets8.7%4.5%5.0%3.9%3.1%4.7%2.6%2.7%
Free cash flow yield9.5%8.1%8.2%10.1%9.1%6.2%7.5%3.4%
Earnings yield13.3%7.7%7.9%6.6%6.3%8.5%4.2%3.8%
Enterprise value€233.1M€223.4M€268.4M€239.8M€174.5M€221.6M€338.9M€375.9M
Net debt / EBITDA-6.23×-3.49×-3.34×-3.72×-3.83×-3.23×-2.72×-3.48×
Cash conversion cycle (days)63-59-285258662136