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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
-110.0%
-€5.00
vs €49.86 price
Levered DCF
€13.51
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
4.91
Safe zone
Rating
B-
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E16.24×17.95×110.8×11.83×25×29.08×-14.12×33.92×
P/B2.37×3.32×3×1.63×2.56×2.65×1.83×1.15×
P/S1.49×2.08×1.74×1.11×1.52×1.43×1.07×0.79×
EV / EBITDA9.72×9.37×14.23×6.86×12.42×12.09×-47.84×8.5×
Gross margin35.6%40.0%34.1%42.3%35.8%33.4%23.3%33.0%
Operating margin12.0%16.8%9.1%12.1%8.6%8.1%-5.9%5.3%
Net margin9.2%24.7%1.5%9.4%6.1%4.9%-7.6%2.3%
Current ratio3.28×2.42×1.88×1.95×2.26×2.66×2.89×3.04×
Debt / equity0.16×0.05×0.09×0.11×0.12×0.15×0.23×0.02×
Interest coverage33.28×161.22×66.47×59.83×48.4×48.31×-33.01×62.48×
Dividend yield0.8%0.4%0.7%1.1%0.0%0.0%0.0%0.0%
Payout ratio12.4%3.5%81.4%12.5%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity14.6%39.4%2.7%13.8%10.2%9.1%-13.0%3.4%
Return on invested capital10.3%14.0%8.2%10.9%8.6%7.3%-7.7%3.8%
Return on assets8.3%20.5%1.3%6.9%5.7%5.3%-8.1%2.4%
Free cash flow yield-2.9%2.9%0.1%5.5%3.7%13.1%-16.1%-3.1%
Earnings yield6.2%11.9%0.9%8.5%4.0%3.4%-7.1%3.0%
Enterprise value€699.1M€807M€506.6M€258.1M€367.7M€341M€247.4M€133.9M
Net debt / EBITDA-0.68×-1.43×-0.64×-0.83×-1.14×-0.72×-3.48×-1.79×
Cash conversion cycle (days)243313318318228206243270