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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
-1356.8%
-€38.84
vs €3.09 price
Levered DCF
-€49.66
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
1.87
Grey zone
Rating
C
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-6.36×-8.39×-14.26×-64.71×-41.69×-263.16×-345.91×-421.46×
P/B1.69×1.58×2.81×3.86×3.09×41.22×121.25×173.51×
P/S12.82×19.12×46.3×72.89×147.23×819.67×1,214.13×1,749.9×
EV / EBITDA-10.22×-11.33×-28.68×-52.35×-25.15×-276.16×-395.2×-439.69×
Gross margin44.5%78.2%110.3%72.2%61.9%110.1%111.0%42.1%
Operating margin-198.2%-235.6%-225.0%-153.8%-463.7%-413.6%-430.9%-491.2%
Net margin-202.6%-228.9%-321.8%-114.5%-357.8%-311.8%-350.8%-415.1%
Current ratio7.29×8.3×4.74×21.46×26.45×5.78×1.79×1.38×
Debt / equity0.27×0.21×0.01×0.01×0.01×0.09×0.13×0×
Interest coverage-20.93×-24.15×-250.55×-40.16×-34.46×-13.34×-41.53×-109.3×
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 equity-26.6%-19.0%-19.5%-6.1%-7.5%-15.7%-35.0%-41.2%
Return on invested capital-20.6%-16.1%-13.5%-5.8%-7.2%-13.4%-33.1%-40.8%
Return on assets-20.0%-14.8%-17.1%-5.8%-7.2%-13.1%-27.0%-34.7%
Free cash flow yield-14.8%-24.4%-16.6%-5.2%-4.7%-0.7%-0.5%0.0%
Earnings yield-15.8%-12.0%-7.0%-1.6%-2.4%-0.4%-0.3%-0.2%
Enterprise value€159.8M€165M€286.7M€447.5M€335.1M€544.6M€550.5M€550M
Net debt / EBITDA0.18×1.91×4.84×11.99×9.91×2.74×-0.37×0.01×
Cash conversion cycle (days)9072,457-75886821-7,817-5,963375