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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
+125.2%
€243.26
vs €108.00 price
Levered DCF
€161.37
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
2.82
Grey zone
Rating
A
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E17.54×18.35×10.46×10.74×15.35×10.32×12.6×9.59×
P/B0.9×0.56×1.23×1.25×2.07×1.39×1.51×1.1×
P/S0.43×0.26×0.52×0.48×0.79×0.51×0.52×0.39×
EV / EBITDA4.64×2.99×4.55×4.3×6.54×3.89×4.89×3.65×
Gross margin22.8%54.2%53.7%22.9%23.5%25.1%23.8%53.8%
Operating margin5.0%4.0%8.0%25.3%9.0%9.9%7.4%6.4%
Net margin2.5%2.3%5.0%5.0%5.8%5.6%4.2%4.0%
Current ratio2.85×2.69×2.48×2.44×2.15×2.15×2.13×2.39×
Debt / equity0.15×0.14×0.14×0.12×0.16×0.15×0.15×0.03×
Interest coverage17.78×8.21×19.79×132.59×87.64×44.14×30.49×32.93×
Dividend yield3.1%7.7%3.6%3.7%2.5%3.5%3.6%5.1%
Payout ratio53.7%84.8%37.1%35.4%34.4%32.3%44.8%49.2%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity5.1%5.1%11.8%13.2%15.3%15.3%12.0%11.4%
Return on invested capital4.8%4.2%9.4%34.8%12.0%12.3%9.7%9.9%
Return on assets3.3%3.2%7.4%8.0%8.3%8.1%6.3%6.8%
Free cash flow yield9.0%13.1%13.8%5.5%5.5%18.3%11.1%9.5%
Earnings yield5.7%9.0%9.6%10.6%7.4%11.0%7.9%10.4%
Enterprise value€684.8M€409.4M€879.7M€819.3M€1.2B€681.8M€678.5M€424.2M
Net debt / EBITDA-0.02×-0.05×-0.1×-0.18×-0.21×-0.3×-0.39×-0.78×
Cash conversion cycle (days)7184796665565473