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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
-931.0%
-€12.22
vs €1.47 price
Levered DCF
-€25.62
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
2.65
Grey zone
Rating
C-
Overall 1 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-15.73×-46.21×-9.8×-16.5×-55.87×-16.95×-6.07×-23.57×
P/B2.77×2.44×2.49×1.94×2.54×3.55×3.5×3.43×
P/S4.07×3.77×5.54×10.25×7.78×7.42×8.78×9.66×
EV / EBITDA-66.52×47.33×-31.25×-29.2×266.78×50.52×-18.99×45.45×
Gross margin99.3%100.1%96.9%94.1%112.4%112.5%132.9%140.3%
Operating margin-25.1%14.4%-34.3%58.6%-11.6%-40.6%-144.5%-58.3%
Net margin-24.8%-8.2%-58.2%-62.1%-13.9%-43.8%-146.0%-41.0%
Current ratio1.78×1.87×1.34×4.89×2.36×1.27×1.02×1.1×
Debt / equity0.27×0.25×0.32×0.15×0.38×0.79×0.45×0.55×
Interest coverage-12.2×6.83×-20.48×13.51×-2.11×-8.95×-25.12×-5.14×
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-16.9%-5.3%-26.1%-11.8%-4.6%-20.9%-58.2%-14.5%
Return on invested capital-11.3%5.0%-10.7%9.1%-1.6%-10.6%-31.6%-5.8%
Return on assets-11.2%-3.6%-16.1%-9.6%-3.1%-10.4%-28.7%-6.2%
Free cash flow yield-5.1%-9.4%-6.1%-8.3%-7.1%-6.5%-8.2%-7.4%
Earnings yield-6.1%-2.2%-10.5%-6.1%-1.8%-5.9%-16.6%-4.2%
Enterprise value€62.9M€56.1M€48.7M€41.1M€39.2M€36.9M€32.5M€33.6M
Net debt / EBITDA-4.07×1.92×-2.79×2.56×22.73×8.89×-1.98×5.53×
Cash conversion cycle (days)-8,22834,220-2,774-591500778473494