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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
-185.8%
-€10.34
vs €12.05 price
Levered DCF
-€10.35
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
-1.52
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-0.84×-1.77×-1.51×-158.04×-2.52×-1.06×-4.09×110.57×
P/B-0.18×-0.19×-0.33×-0.47×-0.9×-1.4×6.61×4.49×
P/S0.25×0.13×0.2×0.18×0.52×1.3×0.59×0.7×
EV / EBITDA-3.8×27.59×-6.52×63.49×-4.76×-2.04×-17.05×10.42×
Gross margin29.0%33.6%22.3%28.7%26.3%-18.6%28.8%28.1%
Operating margin-25.9%-0.9%-13.9%6.7%-17.8%-124.7%-6.4%5.4%
Net margin-29.5%-7.1%-13.5%-0.1%-20.7%-122.7%-14.5%0.6%
Current ratio0.34×0.49×0.6×0.71×0.67×0.54×1.35×1.6×
Debt / equity-0.57×-0.7×-0.99×-0.65×-0.41×-0.9×3.79×0.9×
Interest coverage-5×-0.29×-5.94×3.28×-7.63×-18.4×-2.5×7.56×
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 equity21.9%10.8%22.0%0.3%35.8%132.6%-161.4%4.1%
Return on invested capital941.6%-41.2%-58.2%-3.3%200.0%-231.4%-9.5%2.0%
Return on assets-25.4%-9.2%-13.6%-0.1%-17.0%-61.9%-13.5%0.8%
Free cash flow yield-47.8%106.2%-191.6%-156.9%64.7%-0.8%-19.0%-2.1%
Earnings yield-119.1%-56.2%-66.4%-0.6%-39.6%-94.6%-24.4%0.9%
Enterprise value€41.4M€33.1M€47.6M€19M€37.2M€53M€58M€92.7M
Net debt / EBITDA-2.71×19.58×-4.49×11×-0.17×-0.57×-3.44×0.48×
Cash conversion cycle (days)9418126851511314071