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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
+74.3%
€4.01
vs €2.30 price
Levered DCF
€4.44
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
8.68
Safe zone
Rating
A-
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E12.94×10.38×8.53×9.88×8.77×9.69×9.09×6.08×
P/B7.36×3.14×3.17×3.41×3.21×3.58×7.29×5.03×
P/S2.74×2.01×1.93×1.81×2.01×1.69×1.47×1.09×
EV / EBITDA8.35×5.32×4.34×5.64×4.46×4.62×4.98×3.62×
Gross margin27.2%71.8%49.8%71.5%71.6%70.7%70.8%71.2%
Operating margin27.9%26.6%32.3%24.5%30.1%24.0%23.5%25.4%
Net margin21.2%20.0%22.4%18.4%23.2%17.0%16.2%17.6%
Current ratio1.65×4.36×2.69×3.23×4.62×3.44×1.85×2.19×
Debt / equity0.19×0.13×0.16×0.19×0.12×0.27×0.47×0×
Interest coverage151.25×94.6×152×62.39×173.38×71.49×74.34×335.58×
Dividend yield13.8%12.1%6.2%19.0%3.1%0.0%12.5%21.5%
Payout ratio178.3%121.7%53.1%187.0%26.9%0.0%113.1%132.7%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity56.9%31.1%36.9%34.6%37.1%36.1%80.6%81.6%
Return on invested capital44.3%25.8%31.6%26.2%30.3%26.7%47.1%65.3%
Return on assets30.2%23.2%23.1%22.5%27.3%22.0%35.3%45.1%
Free cash flow yield8.9%11.3%21.0%6.5%13.9%15.5%15.7%20.4%
Earnings yield7.7%9.9%11.6%10.2%11.5%10.1%11.1%16.2%
Enterprise value€120.6M€83.1M€77.8M€88M€92.8M€78.3M€117.3M€86.5M
Net debt / EBITDA-0.69×-1.05×-1.08×-0.43×-1.1×-0.86×-0.11×-0.34×
Cash conversion cycle (days)2313-1-12725-19-17