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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
-164.7%
-€36.76
vs €56.78 price
Levered DCF
-€34.02
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
0.99
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/E10.53×4.17×21.12×10.58×33.38×20.95×-25.56×30.16×
P/B0.96×0.68×0.97×1.04×1.58×1.28×0.99×1.23×
P/S1.87×0.88×1.07×0.75×0.98×1.61×1.28×0.89×
EV / EBITDA14.45×3.01×3.91×9.75×6.87×4.14×7.1×7.14×
Gross margin7.9%35.7%27.7%17.4%25.9%25.3%27.7%20.4%
Operating margin5.3%15.0%-1.3%7.9%11.7%-11.6%7.6%-1.2%
Net margin17.8%21.2%5.1%7.1%2.9%7.7%-5.0%2.9%
Current ratio1.42×1.27×1.58×1.21×1.07×1.66×1.43×1.34×
Debt / equity0.49×0.5×0.43×0.57×0.79×0.19×0.21×0.17×
Interest coverage0.35×1.63×-0.16×3.64×5.79×-2.87×1.34×-0.26×
Dividend yield2.5%3.5%2.2%2.1%2.4%2.2%3.0%8.6%
Payout ratio25.8%14.5%46.1%22.4%79.8%46.8%-77.1%260.2%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity9.1%16.3%4.6%9.9%4.7%6.1%-3.9%4.1%
Return on invested capital1.1%4.1%-0.2%4.5%3.0%-2.4%1.9%0.5%
Return on assets2.9%5.2%1.4%2.0%0.5%1.7%-1.0%0.5%
Free cash flow yield-15.4%-12.9%-3.0%-7.2%14.8%3.7%-19.6%47.2%
Earnings yield9.5%24.0%4.7%9.5%3.0%4.8%-3.9%3.3%
Enterprise value€42.2B€32.1B€37.4B€37.4B€30.4B€20.6B€17.2B€10B
Net debt / EBITDA3.17×1×0.71×2.25×1.42×-0.29×0.16×-1.33×
Cash conversion cycle (days)51424757703536726