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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
+148.8%
€173.64
vs €69.80 price
Levered DCF
€251.02
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
2.64
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/E17.85×17.57×19.27×20.27×24.03×21.7×16.77×12.72×
P/B2.29×2.55×3.1×3.07×3.92×3.11×3.01×2.39×
P/S0.97×1.06×1.24×1.21×1.54×1.31×1.1×0.87×
EV / EBITDA8.53×8.63×10.44×10.9×13.01×10.18×8.13×7.01×
Gross margin72.4%72.6%72.1%8.3%8.2%9.1%10.5%75.7%
Operating margin5.7%8.1%8.4%8.3%8.8%8.5%8.7%9.3%
Net margin5.4%6.0%6.4%6.0%6.4%6.0%6.6%6.9%
Current ratio1.91×1.89×1.89×1.84×1.94×1.92×1.87×1.9×
Debt / equity0.5×0.34×0.31×0.28×0.34×0.25×0.27×0.22×
Interest coverage12.58×27.87×44.79×52.99×53.53×47.48×53.05×74.15×
Dividend yield2.8%2.6%2.2%2.2%1.6%2.2%2.8%3.8%
Payout ratio49.3%45.0%41.5%44.9%38.6%48.0%46.3%48.6%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity12.9%14.5%16.1%15.1%16.3%14.3%17.9%18.8%
Return on invested capital6.5%10.4%11.5%11.7%11.7%10.7%12.0%16.3%
Return on assets5.5%6.6%7.4%6.8%7.3%6.8%8.3%8.8%
Free cash flow yield6.3%6.3%2.9%1.7%2.8%3.9%6.1%6.4%
Earnings yield5.6%5.7%5.2%4.9%4.2%4.6%6.0%7.9%
Enterprise value€298.7M€310M€359.3M€316.4M€339.4M€222.2M€206.6M€143.1M
Net debt / EBITDA-0.42×-0.8×-0.49×-0.75×-0.81×-1.27×-1.06×-1.16×
Cash conversion cycle (days)13613614713313312011194