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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
-120.3%
-€0.19
vs €0.95 price
Levered DCF
€0.24
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
1.62
Distress zone
Rating
D+
Overall 1 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-1.98×-2.17×248.84×622.96×9.41×16.82×-0.93×-14.18×
P/B1.68×0.53×0.61×0.98×1.28×1.36×0.43×0.36×
P/S0.11×0.13×0.18×0.3×0.36×0.35×0.11×0.12×
EV / EBITDA-3.76×-3.9×5.15×10.59×5.11×6.01×-1.98×-86.95×
Gross margin29.7%36.8%38.2%37.2%39.8%39.1%30.5%36.3%
Operating margin-7.5%-5.6%0.2%0.3%4.0%3.1%-9.7%-0.9%
Net margin-5.5%-6.1%0.1%0.0%3.8%2.0%-11.4%-0.8%
Current ratio0.88×0.82×1.08×1.1×1.24×1.19×0.76×1.21×
Debt / equity1.51×0.23×0.21×0.29×0.33×0.68×0.58×0.19×
Interest coverage-22.9×-17.35×0.62×1.72×25.73×23.96×-101.05×-31.67×
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-84.1%-24.4%0.2%0.2%13.3%7.9%-46.3%-2.5%
Return on invested capital-40.6%-17.5%0.2%0.3%10.4%4.9%-24.7%-1.5%
Return on assets-10.9%-9.8%0.1%0.1%6.2%2.9%-18.1%-1.2%
Free cash flow yield-18.3%-9.9%1.2%4.8%9.2%12.7%-65.0%-14.4%
Earnings yield-50.0%-45.6%0.4%0.2%10.4%5.8%-107.2%-7.0%
Enterprise value€73.8M€77.8M€94.6M€171.7M€229.5M€230.2M€105.5M€42.3M
Net debt / EBITDA-0.61×0.46×-1.54×-1.57×-0.72×-0.29×-0.75×78.4×
Cash conversion cycle (days)35-34513020192130