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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
+7.3%
€375.61
vs €350.00 price
Levered DCF
€604.28
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
6.57
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/E18.49×17.69×23.09×51.95×28.66×29.14×30.46×23.58×
P/B2.72×2.34×2.33×2.58×3.04×3.47×3.89×4.62×
P/S2.37×1.91×1.88×2.07×2.71×2.99×2.75×2.85×
EV / EBITDA11.54×7.85×9.54×15.24×12.2×13.53×14.2×11.82×
Gross margin13.0%39.4%34.9%4.2%37.8%38.9%36.8%34.3%
Operating margin11.2%12.9%9.9%6.5%13.0%13.4%12.0%17.0%
Net margin12.8%10.8%8.2%4.0%9.4%10.3%9.0%12.1%
Current ratio2×1.82×1.67×1.5×1.44×1.36×1.33×1.27×
Debt / equity0.06×0.02×0.01×0.09×0.07×0.13×0.21×0.27×
Interest coverage71.91×121.57×126.37×29.45×129.17×88.37×71.45×45.59×
Dividend yield1.4%1.3%1.0%1.3%1.1%1.0%1.0%0.8%
Payout ratio25.9%22.3%22.1%64.9%31.2%30.4%30.8%19.7%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity14.7%13.2%10.1%5.0%10.6%11.9%12.8%19.6%
Return on invested capital9.0%10.7%8.5%5.0%8.9%9.4%9.4%13.8%
Return on assets10.1%8.7%6.6%3.2%6.7%7.0%6.9%9.8%
Free cash flow yield4.4%6.2%6.2%2.6%3.7%3.6%2.2%2.5%
Earnings yield5.4%5.6%4.3%1.9%3.5%3.4%3.3%4.2%
Enterprise value€795.7M€581.6M€541.4M€604.8M€692.6M€743.5M€785.7M€866.8M
Net debt / EBITDA-2.18×-1.95×-1.94×-1.49×-1.25×-0.97×-0.65×-0.4×
Cash conversion cycle (days)4411335262579