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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
-58.0%
€10.26
vs €24.40 price
Levered DCF
-€39.82
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
1.75
Distress 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-3.74×-26.88×7.75×9.32×10.42×-13.86×11.26×6.14×
P/B0.74×0.69×0.7×0.71×0.88×0.73×0.83×0.74×
P/S0.35×0.34×0.34×0.33×0.46×0.4×0.42×0.38×
EV / EBITDA144.84×10.44×4.18×4.64×4.8×11.32×5.71×1.11×
Gross margin7.8%54.4%54.8%50.7%55.1%54.8%55.4%54.6%
Operating margin-5.9%-0.3%21.9%5.0%7.7%-1.6%6.5%8.9%
Net margin-9.4%-1.3%4.3%3.6%4.4%-2.9%3.7%6.2%
Current ratio2.89×2.88×2.71×3.14×1.61×2.7×3.45×3.67×
Debt / equity1.14×0.9×0.84×0.91×0.82×0.85×0.8×0.09×
Interest coverage-1.16×-0.14×8.92×2.15×3.07×-0.29×3.72×5.25×
Dividend yield0.0%4.0%4.8%1.3%1.1%0.0%3.6%3.1%
Payout ratio0.0%-107.8%37.0%11.7%11.5%0.0%40.5%19.2%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-19.9%-2.6%9.0%7.7%8.5%-5.2%7.4%12.1%
Return on invested capital-4.5%-0.3%16.2%4.3%5.2%-1.5%4.3%6.6%
Return on assets-7.6%-1.1%3.9%3.2%3.8%-2.3%3.5%5.5%
Free cash flow yield-6.0%-14.8%15.7%3.5%-8.5%40.9%-4.9%20.8%
Earnings yield-26.7%-3.7%12.9%10.7%9.6%-7.2%8.9%16.3%
Enterprise value€75.9M€76.9M€67.6M€66.9M€73.6M€57.8M€77.1M€14.7M
Net debt / EBITDA81.86×5.36×1.66×1.91×1.87×4.57×2.62×-1.6×
Cash conversion cycle (days)145209194200200194217182