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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
-126.6%
-€3.80
vs €14.30 price
Levered DCF
€24.63
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
3.11
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/E24.42×21.38×17.24×40.26×34.24×760.37×26.89×30.27×
P/B0.64×0.72×0.53×0.84×0.8×0.95×1.01×1.3×
P/S0.44×0.58×0.39×0.71×0.69×0.81×0.9×1.2×
EV / EBITDA11.56×6.55×5.26×10.31×9.88×14.49×9.7×11.55×
Gross margin8.7%10.8%11.7%69.1%13.0%68.9%68.7%69.8%
Operating margin0.2%3.0%2.3%2.5%2.2%0.8%4.4%5.3%
Net margin1.8%2.7%2.2%1.7%2.0%0.1%3.3%4.0%
Current ratio2.6×2.23×2.35×2.37×2.24×2.07×2.15×1.76×
Debt / equity0.09×0.12×0.12×0.13×0.13×0.14×0.15×0.09×
Interest coverage1.46×14.16×10.92×8.81×9.54×1.43×18.93×30.93×
Dividend yield0.8%0.0%1.5%0.0%0.0%0.0%1.7%1.0%
Payout ratio19.4%0.0%25.8%0.0%0.0%0.0%44.8%30.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity2.6%3.3%3.1%2.1%2.4%0.1%3.7%4.3%
Return on invested capital0.2%2.6%2.4%2.0%2.2%0.5%3.4%4.1%
Return on assets1.9%2.3%2.2%1.5%1.7%0.1%2.7%3.1%
Free cash flow yield-4.1%6.1%6.9%-1.7%2.0%1.5%-5.7%-7.7%
Earnings yield4.1%4.7%5.8%2.5%2.9%0.1%3.7%3.3%
Enterprise value€802M€800.2M€613.2M€1.1B€996M€1.2B€1.2B€1.5B
Net debt / EBITDA-0.69×-1.07×-0.48×0.75×0.33×0.86×0.36×-0.21×
Cash conversion cycle (days)88887559391354-8