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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
+118.4%
€15.83
vs €7.25 price
Levered DCF
€8.55
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
3.55
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/E15.69×13.02×13.29×12.08×5.34×23.2×35.73×2.87×
P/B2.15×1.87×2.27×2.11×2.59×2.64×1.99×0.38×
P/S0.51×0.48×0.5×0.49×0.71×0.52×0.47×0.11×
EV / EBITDA6.84×6.44×7.82×7.03×8.59×6.93×5.48×0.66×
Gross margin14.0%13.7%14.4%14.9%15.8%16.1%16.4%13.7%
Operating margin5.9%5.9%5.9%5.9%15.0%5.7%5.9%5.7%
Net margin3.3%3.7%3.7%4.0%13.2%2.2%1.3%3.8%
Current ratio1.6×1.56×1.42×1.41×1.74×1.24×1.18×1.35×
Debt / equity0.37×0.51×0.66×0.71×0.39×0.79×0.57×0.27×
Interest coverage9.15×5.12×5.09×8.52×32.67×9.39×6.21×6.1×
Dividend yield4.3%3.7%3.6%12.1%1.6%4.3%1.8%0.1%
Payout ratio66.3%47.5%47.5%146.4%8.6%101.8%63.4%0.4%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity13.8%14.4%17.2%17.4%48.4%11.2%5.6%13.5%
Return on invested capital11.4%9.9%11.5%10.8%33.2%6.6%3.8%11.0%
Return on assets5.2%5.3%6.1%6.0%21.3%3.1%1.9%5.6%
Free cash flow yield6.9%9.3%-2.5%4.5%-1.9%2.0%10.0%90.0%
Earnings yield6.4%7.7%7.6%8.2%18.7%4.2%2.8%35.2%
Enterprise value€683.4M€590.5M€643.3M€502.3M€606.7M€386.8M€291M€27.5M
Net debt / EBITDA-0.65×-0.48×0.61×0.01×-0.88×0.25×0.17×-0.62×
Cash conversion cycle (days)40334426220-1084