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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
+2655.1%
€751.04
vs €27.26 price
Levered DCF
€79.34
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
0.62
Distress zone
Rating
B+
Overall 3 / 5
Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-0.89×17.05×4.55×4.33×17.66×-1.21×-81.12×4.46×
P/B0.47×0.42×0.34×0.29×0.3×0.39×0.33×0.41×
P/S0.17×0.23×0.19×0.18×0.2×0.22×0.21×0.26×
EV / EBITDA-10.24×13.09×9.55×6.37×9.1×-16.11×10.23×7.07×
Gross margin19.1%20.8%20.8%19.6%19.0%16.6%19.6%20.9%
Operating margin-13.6%4.6%4.7%4.7%2.2%-4.6%3.8%5.2%
Net margin-18.9%1.3%4.2%-0.8%2.1%-18.4%-0.3%5.8%
Current ratio1.03×1.05×1.11×1.12×1.07×0.76×0.72×0.72×
Debt / equity3.32×2.37×2.24×2.22×2.27×2.62×1.71×1.5×
Interest coverage-37.82×7.67×7.62×6.28×2.99×-5.63×5.45×8.01×
Dividend yield6.6%4.2%0.7%0.0%0.0%0.0%9.0%7.0%
Payout ratio-5.8%71.3%3.3%0.0%0.0%0.0%-734.0%31.1%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-52.6%2.5%7.4%-1.2%3.3%-32.3%-0.4%9.3%
Return on invested capital-8.1%1.4%2.0%1.7%0.5%-2.1%0.0%2.6%
Return on assets-9.0%0.6%1.8%-0.3%0.8%-6.9%-0.1%2.9%
Free cash flow yield-7.3%32.1%14.0%10.9%-3.3%15.9%4.2%24.8%
Earnings yield-112.9%5.9%22.0%-4.2%10.7%-82.5%-1.2%22.4%
Enterprise value€59.7B€62B€55.8B€51.1B€48.3B€52.9B€55.5B€53.1B
Net debt / EBITDA-8.58×10.38×7.84×5.31×7.53×-13.15×8.12×5.11×
Cash conversion cycle (days)335354355351347184157140