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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
-267.3%
-€79.55
vs €47.56 price
Levered DCF
€0.45
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
2.41
Grey zone
Rating
C
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-6.53×-4×9.12×41.52×-56.64×69.07×-138.24×-3.16×
P/B3.23×0.85×3×5×3.16×4.42×2.88×1.31×
P/S0.78×0.31×1.08×2.18×1.32×1.89×1.31×0.73×
EV / EBITDA-14.79×-30.17×5.91×27.97×129.75×25.65×28×-5.29×
Gross margin7.6%16.5%29.4%21.0%17.8%16.2%18.1%9.5%
Operating margin-13.1%-6.1%14.2%3.0%-3.2%2.7%-1.3%-19.9%
Net margin-11.9%-7.7%11.9%5.2%-2.3%2.7%-0.9%-23.1%
Current ratio1.31×1.52×1.83×1.89×2.04×2.12×1.88×2.2×
Debt / equity0.38×0.35×0.05×0.05×0.11×0.09×0.08×0.05×
Interest coverage-13.13×-8.8×53.51×5.17×-12.83×16.81×-10.08×-41.92×
Dividend yield1.5%3.7%0.0%0.0%0.8%0.0%0.0%2.2%
Payout ratio-9.6%-14.7%0.0%0.0%-45.3%0.0%0.0%-6.9%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-49.5%-21.3%32.9%12.0%-5.6%6.4%-2.1%-41.3%
Return on invested capital-24.3%-9.3%23.0%4.4%-3.1%3.9%-1.4%-22.7%
Return on assets-13.9%-7.6%13.9%5.0%-2.2%2.7%-0.8%-17.7%
Free cash flow yield10.7%-43.1%2.7%-1.4%3.6%-3.6%-2.4%-17.0%
Earnings yield-15.3%-25.0%11.0%2.4%-1.8%1.4%-0.7%-31.6%
Enterprise value€1.1B€470.9M€1.9B€2.2B€1.2B€1.9B€1B€432.6M
Net debt / EBITDA0.66×-0.03×-0.59×-1.82×-7.1×-1.14×-4.95×1.5×
Cash conversion cycle (days)10616711713412010910298