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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
-954.2%
-€36.90
vs €4.32 price
Levered DCF
-€49.60
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
1.51
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/E3.94×-1.06×0.77×-0.44×-1.41×-2.48×-11.76×91.07×
P/B0.74×0.44×0.98×-2.23×3.79×1.3×1.19×0.76×
P/S0.11×0.07×0.18×0.11×0.3×0.45×0.54×0.38×
EV / EBITDA-6.07×-16.8×1.06×-3.47×-12.54×-11.21×607.98×5.03×
Gross margin4.4%6.7%11.2%-4.9%-4.0%0.4%10.5%14.8%
Operating margin-4.9%-4.3%29.4%-18.7%-16.1%-18.5%-6.0%1.0%
Net margin2.9%-6.3%23.6%-25.6%-21.4%-18.2%-4.6%0.4%
Current ratio1.44×1.35×1.72×0.96×1.16×1.72×1.29×2.66×
Debt / equity0.81×1.18×1.09×-4.46×9.71×2.49×1.23×0.44×
Interest coverage-4.24×-2.7×12.9×-4.97×-4.96×-7.64×-5.71×1.61×
Dividend yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%2.4%
Payout ratio0.0%0.0%0.0%0.0%0.0%0.0%0.0%220.7%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity18.5%-41.9%127.5%511.7%-269.4%-52.3%-10.1%0.8%
Return on invested capital-13.0%-8.8%52.4%-54.1%-14.2%-10.3%-3.1%0.7%
Return on assets4.0%-8.8%31.0%-20.9%-14.4%-9.1%-2.4%0.4%
Free cash flow yield-1.2%58.9%35.4%-101.9%-105.4%-63.7%-88.8%-1.2%
Earnings yield25.2%-94.5%129.8%-229.1%-71.0%-40.4%-8.5%1.1%
Enterprise value€18M€26.9M€45.8M€41.9M€116.8M€106.3M€99.1M€45.8M
Net debt / EBITDA0.58×-10.82×0.47×-2.26×-8.58×-6.53×205.55×-0.24×
Cash conversion cycle (days)25417149324-291