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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
-12.5%
€9.38
vs €10.72 price
Levered DCF
€20.15
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
4.27
Safe zone
Rating
A-
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E30.88×22.83×27×15.89×65.72×123.08×49.08×22.57×
P/B4.95×3.53×3.29×2.43×5.78×5.31×4.37×1.52×
P/S4.2×3.21×3.5×2.72×7.2×7.79×5.5×2.06×
EV / EBITDA14.76×11.38×13.69×10.5×24.84×27.34×18.04×6.21×
Gross margin41.6%44.2%48.4%46.8%49.8%53.9%53.9%49.1%
Operating margin20.1%19.6%17.8%16.6%12.4%12.7%13.2%14.1%
Net margin13.4%13.9%12.8%17.4%11.0%6.3%11.2%9.1%
Current ratio1.7×1.74×1.64×1.89×2.02×2.32×1.75×1.85×
Debt / equity0.42×0.28×0.22×0.28×0.3×0.21×0.23×0.25×
Interest coverage8.65×7.89×9.17×13.45×9.49×7.01×7.55×6.64×
Dividend yield0.8%0.9%0.9%1.1%0.4%0.3%0.7%1.6%
Payout ratio25.2%21.5%25.3%17.7%26.5%31.0%33.4%36.7%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity15.8%15.4%12.0%15.6%8.8%4.3%8.9%6.8%
Return on invested capital12.4%12.7%10.1%9.7%5.8%4.8%5.6%6.0%
Return on assets7.2%8.3%6.9%9.2%5.1%2.6%4.9%3.5%
Free cash flow yield2.8%5.3%-1.9%-2.7%-0.4%0.4%2.3%6.7%
Earnings yield3.2%4.3%3.7%6.4%1.5%0.8%2.0%4.4%
Enterprise value€190.4M€122M€105.1M€65.6M€139.7M€107.9M€78.4M€25.2M
Net debt / EBITDA-0.69×-0.61×-0.03×-0.39×-0.91×-2.34×-1.91×-0.8×
Cash conversion cycle (days)155176193146117755867