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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
-66.7%
€32.60
vs €98.00 price
Levered DCF
€47.95
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
5.41
Safe zone
Rating
A
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E17.57×22.37×53.09×122.73×463.59×-225.56×-235.71×-61.08×
P/B3.47×3.26×2.86×1.82×2.71×4.72×4.61×1.25×
P/S1.89×1.78×1.54×1.13×1.67×2.88×2.24×0.66×
EV / EBITDA9.22×11.56×16.27×14.9×20.68×54.4×31.05×36.2×
Gross margin25.9%35.1%17.4%27.5%25.3%87.6%88.3%83.8%
Operating margin16.7%11.1%6.6%2.3%2.7%1.5%5.3%-0.4%
Net margin10.7%7.9%2.9%0.9%0.4%-1.3%1.6%-1.1%
Current ratio1.83×2.15×2×2.01×1.23×2.33×1.54×2.1×
Debt / equity0.27×0.57×0.81×0.82×0.84×0.82×0.85×0.59×
Interest coverage15.4×9.12×4.53×2.05×2.61×1.43×4.37×-0.49×
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 equity19.7%14.6%5.4%1.5%0.6%-2.1%3.3%-2.0%
Return on invested capital15.1%9.4%4.1%0.7%0.3%1.7%2.3%-0.2%
Return on assets10.0%6.5%2.2%0.6%0.2%-0.9%1.3%-0.9%
Free cash flow yield4.9%8.6%3.7%-1.2%-1.5%-0.0%-2.8%0.5%
Earnings yield5.7%4.5%1.9%0.8%0.2%-0.4%0.7%-1.6%
Enterprise value€556.8M€460.4M€361.5M€246.9M€325.3M€461.1M€365.9M€87.4M
Net debt / EBITDA-0.05×0.19×2.18×3.04×2.94×5.47×3.44×0.37×
Cash conversion cycle (days)14412813812911720-82-52