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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
-28.0%
€937.42
vs €1,302.50 price
Levered DCF
€871.75
After debt service
Piotroski score
8 / 9
Strong
Altman Z-score
16.75
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/E49.18×52.86×46.05×44.88×65.73×66.28×45.44×35.96×
P/B11.8×14.04×13.06×12.15×17.1×12.45×10.57×9.24×
P/S13.9×16.04×14.79×13.02×17.89×14.38×10.09×8.47×
EV / EBITDA27.86×33.44×28.95×27.21×38.68×35.1×24.14×19.3×
Gross margin71.1%70.3%72.3%66.0%65.6%61.2%63.2%70.0%
Operating margin41.8%40.5%42.1%42.0%40.0%32.2%34.4%35.2%
Net margin28.3%30.3%32.1%29.0%27.2%21.7%22.2%23.6%
Current ratio4.99×4.26×4.4×3.94×3.43×3.62×3.01×2.9×
Debt / equity0.12×0.13×0.14×0.16×0.19×0.23×0.17×0.21×
Interest coverage121.73×104.24×100.89×113.4×112.31×68.75×97.02×81.44×
Dividend yield1.2%1.1%0.7%0.6%0.3%0.5%0.7%1.9%
Payout ratio60.9%57.4%31.9%25.1%19.8%35.0%31.6%67.9%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity24.0%26.6%28.4%27.1%26.0%18.8%23.3%25.7%
Return on invested capital20.8%22.2%23.2%23.8%22.0%15.1%19.6%22.5%
Return on assets18.6%19.9%21.1%19.3%17.7%12.5%15.5%16.6%
Free cash flow yield2.0%1.7%1.9%2.5%1.9%1.4%2.5%3.3%
Earnings yield2.0%1.9%2.2%2.2%1.5%1.5%2.2%2.8%
Enterprise value€212.5B€233.8B€190B€143.8B€155.8B€88.8B€66.2B€48.2B
Net debt / EBITDA-1.3×-1.35×-1.31×-1.38×-1.21×-1.2×-1.18×-0.93×
Cash conversion cycle (days)173170181116134207133142