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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
-113.9%
-€0.14
vs €1.03 price
Levered DCF
€2.96
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
2.38
Grey zone
Rating
B
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E170.91×34.94×22.6×-1.81×9.71×-5×-4.75×-7.86×
P/B0.77×0.89×0.85×1.14×0.73×0.5×0.5×0.53×
P/S0.45×0.58×0.51×0.69×0.74×0.49×0.48×0.38×
EV / EBITDA17.99×11.02×5.37×-0.95×1.23×-1.22×-0.27×1.47×
Gross margin20.4%18.8%24.0%50.1%54.4%55.4%55.7%49.5%
Operating margin0.4%-1.7%3.0%-37.0%9.6%-9.1%-11.2%-5.3%
Net margin0.3%1.7%2.3%-38.2%7.8%-10.1%-10.2%-4.8%
Current ratio4.2×4.84×3.79×2.62×3.36×2.76×2.66×4.03×
Debt / equity0.04×0.04×0.04×0.02×0.04×0.12×0.09×0×
Interest coverage6.13×-20.08×28.51×-355.89×44.21×-27.35×-26.44×-412.65×
Dividend yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Payout ratio0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity0.5%2.5%3.7%-63.2%7.7%-10.1%-10.8%-6.7%
Return on invested capital0.1%-1.3%2.7%-56.4%7.3%-8.2%-12.1%-7.9%
Return on assets0.3%2.0%2.8%-45.3%6.2%-7.8%-8.0%-5.6%
Free cash flow yield10.2%10.8%1.0%7.2%16.5%-7.3%-9.4%0.2%
Earnings yield0.6%2.9%4.4%-55.6%10.5%-20.4%-21.5%-12.7%
Enterprise value€3M€4.7M€3.4M€3.3M€1.6M€514.7K€149K-€891.5K
Net debt / EBITDA-12.18×-2.6×-3.35×1.08×-4.37×9.62×9.04×11.22×
Cash conversion cycle (days)274125742112024