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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
+220.8%
€49.40
vs €15.40 price
Levered DCF
€79.18
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
2.8
Grey zone
Rating
A+
Overall 5 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E9.85×12.6×5.86×36.9×3.64×-2.2×-56.84×-19.81×
P/B0.39×0.36×0.32×0.45×0.52×0.24×0.44×0.34×
P/S0.82×0.79×0.62×0.98×0.92×0.66×0.86×0.66×
EV / EBITDA-1.68×-1.09×0.05×2.42×0.72×-62.02×22.71×21.78×
Gross margin-0.8%92.5%54.4%80.3%65.2%69.4%74.3%73.9%
Operating margin3.3%4.3%6.9%-12.0%21.6%-44.7%5.4%-9.8%
Net margin8.4%6.2%10.6%2.7%25.2%-29.8%-1.5%-3.3%
Current ratio3.49×3.49×3.38×2.46×2.71×1.35×1.54×1.45×
Debt / equity0.16×0.15×0.13×0.24×0.17×1.08×0.62×0.61×
Interest coverage1.24×0.57×2.93×-1.88×4.13×-4.65×2.67×-4.57×
Dividend yield7.2%7.2%1.7%17.9%0.0%0.0%4.6%12.0%
Payout ratio71.0%91.0%10.1%652.0%0.0%0.0%-259.9%-240.5%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity3.9%2.9%5.5%1.2%14.2%-10.8%-0.8%-1.7%
Return on invested capital1.0%1.2%2.5%-3.9%7.9%-6.2%1.6%-2.6%
Return on assets3.0%2.2%4.1%0.8%9.8%-4.5%-0.4%-0.9%
Free cash flow yield34.9%72.3%8.0%10.0%246.5%-187.9%-8.7%-36.1%
Earnings yield10.1%7.9%17.1%2.8%27.5%-45.5%-1.8%-5.0%
Enterprise value-€16.8M-€12.4M€605.5K€22.1M€18M€101.8M€91.2M€81.2M
Net debt / EBITDA-5.16×-3.93×-2.19×-1.73×-1.15×-50.77×13.2×13.69×
Cash conversion cycle (days)1381,2603096295361,8161,009941