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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
+45.6%
€149.06
vs €102.40 price
Levered DCF
€352.09
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
2.43
Grey zone
Rating
A+
Overall 5 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E10.45×5.37×6.59×8.5×6.42×7.39×8.56×7.43×
P/B1.69×0.89×0.95×1×0.93×0.71×0.83×0.73×
P/S0.51×0.25×0.24×0.24×0.25×0.2×0.2×0.17×
EV / EBITDA3.9×0.73×1.16×1.84×1.45×1.08×1.84×1.7×
Gross margin9.9%9.7%37.0%35.5%37.7%37.1%35.7%33.3%
Operating margin4.9%4.5%11.1%2.2%3.8%2.4%3.1%1.9%
Net margin4.9%4.7%3.6%2.8%3.8%2.7%2.4%2.3%
Current ratio1.23×1.2×1.16×1.14×1.2×1.24×1.16×1.22×
Debt / equity0.15×0.1×0.2×0.24×0.29×0.28×0.37×0.38×
Interest coverage24.18×17.6×34.53×11.07×22.86×8.69×30.92×33.59×
Dividend yield2.5%4.7%3.9%4.3%18.8%3.6%3.5%4.2%
Payout ratio26.5%25.5%25.7%36.7%120.9%26.8%29.6%31.1%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity16.2%16.5%14.4%11.8%14.5%9.7%9.7%9.8%
Return on invested capital7.9%7.2%19.5%3.9%5.9%3.5%4.9%3.2%
Return on assets5.8%5.5%4.6%3.7%4.8%3.3%3.0%3.0%
Free cash flow yield11.9%16.8%30.7%4.5%20.3%28.4%13.5%3.5%
Earnings yield9.6%18.6%15.2%11.8%15.6%13.5%11.7%13.4%
Enterprise value€6.1B€1.2B€1.6B€2.3B€2B€1.2B€2.1B€1.6B
Net debt / EBITDA-2.24×-2.01×-1.85×-1.42×-1.29×-1.52×-0.89×-1.08×
Cash conversion cycle (days)3324173228152822