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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
-297.1%
-€4.26
vs €2.16 price
Levered DCF
€1.33
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
2.16
Grey 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-1.84×5.54×401.59×-6.67×17.78×-6.9×8.03×14.72×
P/B0.49×0.41×0.4×0.51×0.63×0.82×0.59×1.01×
P/S0.14×0.13×0.1×0.17×0.28×0.41×0.26×0.47×
EV / EBITDA18.78×5.87×7.62×32.01×8.78×37.32×6.83×9.04×
Gross margin0.0%25.4%18.6%16.1%21.0%22.3%22.7%23.7%
Operating margin-1.2%7.1%4.2%-1.1%2.4%2.3%5.5%6.3%
Net margin-7.4%2.4%0.0%-2.5%1.6%-5.9%3.2%3.2%
Current ratio1.76×2.38×1.2×1.49×1.35×2.12×2.35×1.67×
Debt / equity1.73×1.24×1.72×1.62×0.98×0.95×0.75×0.58×
Interest coverage0×2.92×2.33×-1.32×3.09×3.19×10.04×24.58×
Dividend yield9.3%0.0%0.0%6.6%0.0%3.6%4.2%2.5%
Payout ratio-17.0%0.0%0.0%-44.2%0.0%-24.9%33.5%36.4%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-26.5%7.3%0.1%-7.7%3.5%-11.9%7.3%6.9%
Return on invested capital0.0%7.4%1.4%-1.3%1.3%2.3%5.6%7.0%
Return on assets-7.4%2.5%0.0%-2.2%1.4%-5.0%3.3%3.3%
Free cash flow yield55.9%75.3%28.1%-85.5%-0.1%1.5%-6.9%-22.7%
Earnings yield-54.3%18.1%0.2%-14.9%5.6%-14.5%12.4%6.8%
Enterprise value€288.4M€303.3M€351.7M€387.7M€327.6M€361.9M€326.7M€384.8M
Net debt / EBITDA14.22×4.25×6.01×23.56×4.98×18.83×3.56×2.91×
Cash conversion cycle (days)77190157204175201182184