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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
+59.5%
€29.98
vs €18.80 price
Levered DCF
€57.53
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
2.11
Grey zone
Rating
A-
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E33.67×14.81×18.8×21.36×22.73×24.32×22.99×24.78×
P/B2.99×2.82×2.82×3.37×3.91×2.87×2.8×2.63×
P/S0.66×0.7×0.76×0.94×1.11×0.95×0.98×1.02×
EV / EBITDA31.39×5.76×6.68×7.77×9.38×8.5×8.75×11.08×
Gross margin15.9%22.0%22.0%23.1%22.0%21.1%21.9%22.4%
Operating margin-1.1%4.8%4.6%7.0%7.0%5.1%5.5%5.7%
Net margin2.0%4.7%4.0%4.4%4.9%3.9%4.3%4.2%
Current ratio1.24×1.39×1.41×1.44×1.44×1.52×1.56×1.65×
Debt / equity0.1×0.02×0.03×0.02×0.02×0.03×0.02×0×
Interest coverage-11.93×49.19×45.59×72.97×59.26×38.4×46.63×253.13×
Dividend yield5.0%4.6%4.9%4.1%4.1%4.3%4.3%4.6%
Payout ratio166.3%68.6%91.7%88.5%92.2%104.2%98.2%113.8%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity8.9%19.0%15.1%15.8%17.3%11.7%12.2%10.7%
Return on invested capital-2.5%12.4%10.6%15.3%14.9%9.4%9.7%10.9%
Return on assets2.3%6.5%5.2%5.6%6.1%4.5%5.1%5.2%
Free cash flow yield8.8%7.8%3.7%2.9%7.5%9.3%6.5%4.8%
Earnings yield3.0%6.7%5.3%4.7%4.4%4.1%4.4%4.1%
Enterprise value€223.7M€214.5M€197.5M€234.9M€283.8M€186.9M€197.5M€190.1M
Net debt / EBITDA-9.01×-1.9×-2.38×-2.6×-2.39×-3.17×-2.43×-2.71×
Cash conversion cycle (days)12573777369676884