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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
+325.5%
€20.42
vs €4.80 price
Levered DCF
€9.74
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
2.22
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/E-7.04×7.06×7.25×4.22×5.77×-4.7×8.36×11.29×
P/B0.37×0.43×0.42×0.74×1.03×0.82×0.78×1.01×
P/S0.3×0.41×0.48×0.68×0.84×0.77×0.61×0.74×
EV / EBITDA3.82×4.98×2.44×2.61×3.71×57.37×4.92×6.72×
Gross margin14.6%18.9%20.8%30.2%18.7%-5.9%17.9%16.8%
Operating margin3.6%4.0%5.4%15.3%13.1%-16.2%9.0%7.5%
Net margin-4.3%5.9%6.7%15.5%14.6%-16.3%7.3%6.5%
Current ratio3.71×2.92×2.8×2.82×2.34×2.41×2.81×3.28×
Debt / equity0.17×0.25×0.04×0.04×0.04×0.31×0.23×0.2×
Interest coverage3×2.5×2.65×10.42×12.03×-9.07×7.82×8.98×
Dividend yield3.7%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Payout ratio-25.8%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-5.3%6.2%5.7%17.1%17.9%-17.4%9.3%9.0%
Return on invested capital0.2%2.5%2.4%10.0%9.9%-11.8%6.9%5.9%
Return on assets-2.8%3.1%3.9%11.1%10.4%-9.8%5.7%5.6%
Free cash flow yield43.1%-2.3%6.8%4.4%-13.3%-1.2%-2.0%-10.9%
Earnings yield-14.3%14.2%13.8%22.9%17.4%-21.2%12.0%8.9%
Enterprise value€27.3M€46.9M€30.1M€59.2M€65.6M€48.9M€53.9M€57M
Net debt / EBITDA-0.55×0.8×-0.42×-0.19×-0.38×12.2×0.74×0.56×
Cash conversion cycle (days)375489397332380318275254