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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
-217.5%
-€10.16
vs €8.65 price
Levered DCF
-€16.55
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
1.85
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/E177.5×-60.77×-14.7×20.55×-34.14×-6.33×-0.49×-0.37×
P/B24.33×14.45×7.01×6.76×9.06×-17.82×-4.45×-7.75×
P/S9.28×6.12×2.74×2.89×4.53×6.36×0.98×0.85×
EV / EBITDA60.62×120.39×-44.74×14.26×32.86×-26.24×-1.13×-0.67×
Gross margin35.2%95.9%31.9%99.9%97.2%76.4%68.8%61.3%
Operating margin5.7%-6.1%-16.5%8.8%-22.7%-81.0%-194.7%-236.4%
Net margin5.2%-10.2%-18.3%13.7%-13.0%-100.2%-202.6%-230.3%
Current ratio1.25×1.44×1.72×2.05×2.25×1.41×2.07×3.14×
Debt / equity0.99×1.45×1.56×0.86×1.21×-3.43×-8.48×-28.09×
Interest coverage3.47×-1.1×-8.25×15.29×-1.12×-1.21×-4.22×-9.09×
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 equity13.7%-24.1%-46.8%32.1%-26.0%280.5%916.5%2091.4%
Return on invested capital7.1%-5.9%-16.4%11.1%-20.5%-93.2%-117.7%-79.2%
Return on assets4.4%-6.3%-13.4%12.8%-8.3%-66.1%-88.6%-63.7%
Free cash flow yield-0.0%0.3%-18.9%-1.6%-12.8%-11.0%-228.6%-298.5%
Earnings yield0.6%-1.7%-6.7%4.7%-2.9%-15.7%-206.1%-270.0%
Enterprise value€103.2M€54.9M€22.9M€26.6M€27.7M€27.8M€5.3M€3.4M
Net debt / EBITDA0.85×3.28×-5.83×-0.51×-1.56×-1.5×-0.43×-0.22×
Cash conversion cycle (days)123-27818040,8561,6112259461