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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
-51.1%
€115.34
vs €235.85 price
Levered DCF
€127.70
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
3.57
Safe zone
Rating
B+
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E31.7×31.66×25.3×20.98×29.94×30.81×20.89×14.19×
P/B5.46×4.43×3.83×2.87×3.93×3.18×2.34×1.59×
P/S3.29×3.54×2.82×2.13×3.32×2.6×1.86×1.29×
EV / EBITDA18.48×18.5×15.25×12.72×18.13×14.37×10.66×8.45×
Gross margin41.1%41.7%40.8%39.2%39.2%39.2%38.6%39.3%
Operating margin17.5%17.2%16.6%16.2%15.8%14.6%14.8%14.2%
Net margin10.4%11.2%11.1%10.2%11.1%8.5%8.9%9.1%
Current ratio1.19×1.23×1.22×0.87×1.08×1.36×1.37×1.31×
Debt / equity0.8×0.54×0.53×0.46×0.44×0.56×0.39×0.36×
Interest coverage13.14×13.57×14.09×33.8×33.24×17.39×16.3×12.17×
Dividend yield1.7%1.5%1.7%2.2%1.5%2.2%2.6%3.7%
Payout ratio52.6%46.0%44.1%46.5%45.2%66.5%53.7%52.4%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity17.2%14.0%15.1%13.7%13.1%10.3%11.2%11.2%
Return on invested capital11.3%9.9%10.3%10.2%8.3%7.4%9.0%9.6%
Return on assets6.7%6.5%6.8%6.0%5.9%4.3%5.4%5.5%
Free cash flow yield3.8%3.4%4.5%4.5%2.9%5.5%6.8%7.2%
Earnings yield3.2%3.2%4.0%4.8%3.3%3.2%4.8%7.1%
Enterprise value€146.7B€144.5B€110.5B€80.7B€104.2B€70.1B€55.3B€38.2B
Net debt / EBITDA1.85×1.21×1.27×1.22×1.43×0.94×0.94×1.13×
Cash conversion cycle (days)3183325173677558