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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
-233.3%
-€1.99
vs €1.49 price
Levered DCF
-€1.78
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
0.9
Distress 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-11.09×-16.07×-14.15×-10.12×-30.63×-30.08×-19.81×-47.66×
P/B3.11×3.68×3.13×2.7×7.72×4.77×2.5×10.88×
P/S4.37×5.79×4.23×3.74×8.87×7.36×3.78×4.18×
EV / EBITDA-19.12×-35.86×-47.28×-23.16×-86.63×-330.51×-152.58×64.76×
Gross margin-2.2%64.3%67.8%62.8%65.6%67.6%64.7%65.7%
Operating margin-35.4%-39.6%-26.3%-31.9%-29.4%-21.1%-14.8%-4.6%
Net margin-38.8%-36.2%-29.4%-37.3%-28.6%-24.4%-19.2%-8.8%
Current ratio2.39×2.81×2.6×3.08×2.93×4.81×3.37×0.62×
Debt / equity0.11×0.16×0.24×0.33×0.48×0.38×0.49×2.04×
Interest coverage-4.81×-7.68×-13.8×-17.43×-26.5×-16.05×-6.05×-1.12×
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-27.6%-23.1%-21.8%-26.9%-24.9%-15.8%-12.7%-22.8%
Return on invested capital-22.2%-21.3%-15.3%-16.8%-16.7%-9.5%-6.3%-3.6%
Return on assets-20.8%-17.1%-15.3%-17.5%-14.7%-10.2%-7.3%-6.0%
Free cash flow yield-6.5%-4.3%-4.7%-9.8%-4.2%-4.8%-2.2%-2.9%
Earnings yield-8.9%-6.3%-7.0%-10.0%-3.2%-3.3%-5.1%-2.1%
Enterprise value€67.5M€80.4M€61.6M€53M€133.2M€92.9M€48.8M€69.7M
Net debt / EBITDA2.04×2.97×1.74×0.78×-0.93×10.26×24.45×8.66×
Cash conversion cycle (days)100152230256256270156114