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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
-22.3%
€4.96
vs €6.38 price
Levered DCF
€6.63
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
1.6
Distress zone
Rating
B+
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E45.22×52.67×-117.14×129.5×37.96×62.5×34.24×29.28×
P/B0.67×0.63×0.61×0.72×1.43×1.91×1.5×1.32×
P/S2.83×2.66×2.4×2.63×5.75×7.84×4.54×4.31×
EV / EBITDA15.15×30.9×13.37×12.14×14.69×20.25×12.85×12.49×
Gross margin72.5%93.2%84.3%79.3%93.3%92.7%78.6%84.0%
Operating margin6.1%-0.2%1.7%10.3%14.7%24.3%20.4%22.4%
Net margin6.8%5.0%-2.0%2.1%15.1%12.5%13.3%14.7%
Current ratio49.94×1.84×2.06×3.07×2.55×3.4×3.57×4.42×
Debt / equity0.29×0.3×0.33×0.22×0.34×0.3×0.35×0.26×
Interest coverage1.11×-0.04×0.42×7.09×7.93×11.76×15.23×527.15×
Dividend yield4.0%4.3%4.0%3.1%1.5%1.1%1.4%1.4%
Payout ratio168.4%227.9%-487.0%388.7%55.7%69.0%46.5%41.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity1.6%1.2%-0.5%0.6%3.7%3.0%4.4%4.5%
Return on invested capital0.9%-0.0%-3.4%0.7%1.4%2.7%3.3%3.7%
Return on assets1.1%0.7%-0.3%0.4%2.3%1.9%2.7%2.9%
Free cash flow yield7.8%-1.1%9.3%12.6%1.2%2.7%2.6%-3.8%
Earnings yield2.4%1.9%-0.8%0.8%2.6%1.6%2.9%3.4%
Enterprise value€906M€857.4M€738.8M€839.4M€1.9B€2.2B€1.8B€1.5B
Net debt / EBITDA2.58×6.38×0.65×-1.05×0.75×-1.14×-0.22×-0.26×
Cash conversion cycle (days)991251299373,056387491571