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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
-61.7%
€1.01
vs €2.65 price
Levered DCF
€0.79
After debt service
Piotroski score
1 / 9
Weak
Altman Z-score
396.41
Safe 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-32.23×-11.71×-26.32×-4.35×4.03×6.37×5.9×-3.65×
P/B0.69×0.55×0.66×0.75×0.74×0.71×0.73×0.82×
P/S12.57×-13.82×-38.36×-4.52×3.93×6.13×5.63×-3.8×
EV / EBITDA-31.95×-12.08×-27.11×-4.15×3.73×5.88×5.29×-3.42×
Gross margin74.1%100.0%100.1%100.0%99.9%99.9%100.0%100.0%
Operating margin-32.9%109.2%131.2%102.8%98.0%97.0%96.9%103.0%
Net margin-38.7%117.5%145.3%104.2%97.3%96.1%95.2%104.3%
Current ratio0×0×0×0×0×0×0×0×
Debt / equity0×0×0×0×0×0×0×0×
Interest coverage-905.46×-3,343.47×-2,118.99×-2,533.4×1,688.35×1,875.93×2,041.5×-2,777.12×
Dividend yield0.0%0.0%0.0%17.4%0.0%0.0%0.0%15.9%
Payout ratio0.0%0.0%0.0%-75.4%0.0%0.0%0.0%-58.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-2.1%-4.7%-2.5%-17.2%18.4%11.1%12.3%-22.5%
Return on invested capital-1.6%-4.4%-2.3%-17.0%18.4%11.1%12.3%-22.2%
Return on assets-1.8%-4.7%-2.5%-17.2%18.4%11.1%12.3%-22.5%
Free cash flow yield-0.4%-4.6%0.7%-23.0%-0.8%-0.8%1.7%-27.4%
Earnings yield-3.1%-8.5%-3.8%-23.0%24.8%15.7%16.9%-27.4%
Enterprise value€65.7M€71.2M€86.2M€101.5M€124.5M€101.5M€90.1M€90.9M
Net debt / EBITDA6.24×0.57×2.14×0.25×-0.28×-0.44×-0.52×0.27×
Cash conversion cycle (days)38-33-58-25151113-8