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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
+22.8%
€160.85
vs €131.00 price
Levered DCF
€163.63
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
4.72
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/E17.09×27.15×23.85×20.86×44.34×28.88×22.85×16.75×
P/B2.88×4.41×4×4.11×8.21×5.28×4.45×3.45×
P/S1.73×2.5×2.1×2.11×4.5×2.85×2.2×1.62×
EV / EBITDA8.24×13.33×12.03×11.84×24.45×18.08×14.84×12.38×
Gross margin14.3%38.5%39.1%40.7%43.6%42.2%48.2%46.2%
Operating margin15.2%13.5%12.5%13.9%12.9%11.7%11.1%11.2%
Net margin10.1%9.2%8.8%10.1%10.2%9.9%9.6%9.6%
Current ratio1.76×1.55×1.49×1.33×1.39×1.49×1.58×1.52×
Debt / equity0.12×0.14×0.19×0.25×0.21×0.26×0.24×0.13×
Interest coverage27.99×33.39×28.41×44.16×39.97×32.63×31.12×94.76×
Dividend yield1.0%0.7%0.8%0.7%0.3%0.6%0.6%0.8%
Payout ratio17.9%17.7%20.0%15.6%13.9%16.3%14.8%13.8%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity16.9%16.2%16.7%19.7%18.5%18.3%19.5%20.6%
Return on invested capital13.8%12.4%11.8%13.1%11.6%11.4%11.1%13.8%
Return on assets9.1%8.0%7.9%8.6%8.2%8.2%8.7%9.3%
Free cash flow yield6.5%5.3%5.0%3.6%2.6%6.0%7.2%5.4%
Earnings yield5.8%3.7%4.2%4.8%2.3%3.5%4.4%6.0%
Enterprise value€3.9B€5.4B€4.3B€3.9B€6.5B€3.4B€2.5B€1.6B
Net debt / EBITDA-0.84×-0.74×-0.48×-0.12×-0.61×-0.83×-0.61×-0.5×
Cash conversion cycle (days)103101102113104102116135