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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
-2428.8%
-€51.70
vs €2.22 price
Levered DCF
-€40.53
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
0.33
Distress zone
Rating
A
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E9.62×5.62×-15.68×-57.84×-301.87×-49.54×49.1×15.31×
P/B0.8×0.92×1.42×1.77×3.84×1.78×0.66×0.88×
P/S0.48×0.71×1.12×1.48×2.93×1.61×0.51×0.81×
EV / EBITDA-42.07×3.54×13.49×19.14×30.62×182.69×8.02×8.53×
Gross margin44.7%45.6%24.0%9.7%25.7%23.1%33.4%50.6%
Operating margin-17.8%15.8%-6.7%-2.0%-6.4%-9.2%4.4%6.0%
Net margin5.1%12.5%-7.2%-2.6%-1.0%-3.2%1.0%5.4%
Current ratio1.04×1.13×1.67×1.3×1×1.19×1.01×1.38×
Debt / equity1.58×0.93×1.01×0.92×0.99×0.94×0.52×0.43×
Interest coverage-3.69×2.75×-1.15×-0.56×-2.2×-2.77×1.8×2.74×
Dividend yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Payout ratio0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity8.4%16.3%-9.2%-3.1%-1.3%-3.6%1.3%5.8%
Return on invested capital-7.3%6.3%-1.9%-0.4%-1.2%-1.4%1.8%4.1%
Return on assets1.5%3.3%-2.7%-1.2%-0.4%-1.3%0.5%2.9%
Free cash flow yield-92.7%-47.4%27.9%-9.6%-2.9%-11.3%-14.6%-29.0%
Earnings yield10.5%17.7%-6.4%-1.7%-0.3%-2.0%2.0%6.6%
Enterprise value€356.1M€238.8M€253.3M€360.7M€562.8M€300.7M€135M€142.5M
Net debt / EBITDA-26.13×1.43×3.59×5.68×5.45×60×3.41×2.21×
Cash conversion cycle (days)374275247165154172194228