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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
-139.1%
-€0.20
vs €0.50 price
Levered DCF
-€0.26
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
1.9
Grey zone
Rating
D+
Overall 1 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-15.83×-176.09×-6.03×-2.8×-16.82×-34.89×-182.81×67.19×
P/B14.07×36.03×16.01×16.31×54.4×16.1×10.71×7.48×
P/S2.93×2.18×0.74×1.02×2.56×3.16×3.11×2.14×
EV / EBITDA140.44×14.74×-10.61×-5.59×-108.99×122.2×28.99×16.37×
Gross margin14.4%43.0%13.5%15.3%30.3%17.7%25.6%31.6%
Operating margin-13.5%-0.2%-10.8%-35.3%-9.3%-10.5%-2.5%5.2%
Net margin-18.5%-1.2%-12.2%-36.6%-14.8%-9.1%-1.7%3.2%
Current ratio0.83×0.69×0.6×0.55×0.58×0.72×0.93×1.1×
Debt / equity0.74×3.49×5.22×4.68×3.91×0.54×0.28×0×
Interest coverage-13×-0.19×-8.3×-131.57×-60.86×-135×-13.22×130.25×
Dividend yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%1.7%
Payout ratio0.0%0.0%0.0%0.0%0.0%0.0%0.0%112.5%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-89.0%-20.4%-265.5%-588.7%-315.3%-46.2%-5.8%11.1%
Return on invested capital-37.5%-0.7%-37.5%-99.9%-40.3%-27.3%-4.5%17.3%
Return on assets-20.1%-1.4%-15.7%-38.5%-23.4%-12.9%-2.3%5.0%
Free cash flow yield-7.7%3.3%4.1%-39.3%-1.1%-2.7%1.0%2.5%
Earnings yield-6.3%-0.6%-16.6%-36.1%-5.8%-2.9%-0.5%1.5%
Enterprise value€16.9M€15M€6.5M€10.2M€24.6M€29.1M€29.3M€21M
Net debt / EBITDA2.06×0.57×-1.52×-1.24×-5.49×3.2×-0.25×-0.39×
Cash conversion cycle (days)120947113496107110-47