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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
-20.5%
€3.88
vs €4.89 price
Levered DCF
€1.35
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
0.65
Distress 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-4.82×-6.06×19.15×6.66×12.4×-3.4×-6.49×18.71×
P/B0.84×0.88×1.32×1.49×2.53×1.99×1.38×1.46×
P/S0.45×0.48×0.73×0.75×0.93×0.48×0.53×0.74×
EV / EBITDA4.39×4.66×7.99×5.37×7.45×-87.31×19.5×8.12×
Gross margin23.3%22.3%21.6%22.3%20.9%19.6%19.1%19.9%
Operating margin8.1%-1.4%5.2%10.6%8.7%0.8%3.7%7.7%
Net margin-9.3%-7.8%3.8%11.2%7.5%-14.2%-8.2%3.9%
Current ratio2.77×2.77×2.76×2.62×2.8×2.97×2.44×3.04×
Debt / equity0.56×0.46×0.51×0.7×1.24×2.05×1.09×0.78×
Interest coverage2.48×-0.48×2.01×6.26×3.09×0.32×1.47×3.63×
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 equity-17.3%-14.5%6.8%22.3%20.3%-58.9%-21.4%7.8%
Return on invested capital7.1%-1.3%4.5%9.9%7.1%0.7%3.2%6.0%
Return on assets-6.8%-6.0%2.8%8.6%5.5%-10.3%-5.9%2.6%
Free cash flow yield5.3%4.7%9.6%4.9%6.8%11.0%-5.7%-7.6%
Earnings yield-20.7%-16.4%5.2%15.0%8.0%-29.6%-15.4%5.3%
Enterprise value€537.3M€615M€970.4M€1B€1.2B€750.9M€903M€1.1B
Net debt / EBITDA1.26×0.95×1.44×0.9×1.51×-36.13×6.98×2.22×
Cash conversion cycle (days)151156169153158174162168