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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
-85.0%
€0.05
vs €0.35 price
Levered DCF
€0.02
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
1.96
Grey zone
Rating
B+
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E9.57×-3.76×-5.7×41.11×4.7×0.47×-3.47×-0.24×
P/B0.41×0.51×0.43×0.43×0.57×0.59×1.38×1.92×
P/S0.11×0.11×0.12×0.13×0.21×0.19×0.06×0.11×
EV / EBITDA3.72×-9.47×-54.98×4.95×5.89×0.79×14.23×-2.2×
Gross margin15.8%15.7%19.5%18.2%27.5%33.7%29.0%23.5%
Operating margin7.2%-3.4%-0.9%3.1%6.6%12.2%0.3%-49.4%
Net margin1.1%-2.8%-2.1%0.3%4.4%40.6%-1.9%-48.1%
Current ratio1.83×1.37×1.94×2.14×1.83×2.59×1.73×2.61×
Debt / equity0.58×0.79×0.62×0.65×0.8×1.03×23.92×17.04×
Interest coverage2.23×-1.66×-0.36×2.49×3.93×1.92×0.05×-10.58×
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 equity4.3%-13.5%-7.5%1.1%12.2%125.7%-40.0%-824.3%
Return on invested capital5.5%-4.7%-1.1%1.4%5.9%10.4%0.2%-35.4%
Return on assets1.2%-3.4%-2.2%0.3%3.4%31.8%-1.3%-36.0%
Free cash flow yield9.9%3.5%-15.5%12.0%16.3%28.3%14.3%-23.4%
Earnings yield10.4%-26.6%-17.5%2.4%21.3%213.8%-29.0%-430.3%
Enterprise value€185.4M€219.7M€220.8M€212.5M€338.5M€275.2M€592M€621.4M
Net debt / EBITDA1.91×-4.88×-29.47×2.36×3.37×0.43×13.35×-1.96×
Cash conversion cycle (days)4642554650596769