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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
+479.3%
€208.53
vs €36.00 price
Levered DCF
€18.81
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
1.49
Distress zone
Rating
B+
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E7.58×23.29×2.84×2.83×2.85×4.5×2.63×1.43×
P/B0.52×0.62×0.66×0.85×0.98×1.48×1.28×0.8×
P/S0.21×0.22×0.22×0.24×0.27×0.34×0.22×0.08×
EV / EBITDA6.24×8.35×4.64×4.74×4.74×5.33×4.98×5.64×
Gross margin14.7%40.3%42.2%41.7%40.6%44.7%40.2%39.4%
Operating margin5.8%5.5%11.3%13.0%11.4%12.9%11.9%9.7%
Net margin2.7%0.9%7.9%8.6%9.4%7.6%8.3%5.9%
Current ratio0.79×0.84×1.09×1.14×1.42×1.34×1.2×0.93×
Debt / equity1.47×1.75×1.61×1.84×1.77×2.39×3.38×6.58×
Interest coverage1.9×1.69×3.92×10.32×11.2×7.96×10.11×4.58×
Dividend yield1.2%9.3%7.2%7.8%4.2%1.4%0.9%1.0%
Payout ratio9.4%217.0%20.4%22.1%12.0%6.4%2.4%1.4%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity6.8%2.7%23.4%30.1%34.2%32.9%48.7%55.5%
Return on invested capital4.4%5.5%10.8%12.6%12.2%11.7%12.6%9.9%
Return on assets2.4%0.8%7.3%8.5%9.3%7.9%8.7%5.4%
Free cash flow yield26.0%-5.0%-25.5%-38.5%-5.8%6.1%-6.8%33.8%
Earnings yield13.2%4.3%35.2%35.4%35.0%22.2%38.1%69.7%
Enterprise value€88.5M€96.1M€97.2M€91M€76.1M€76.9M€72.7M€59.1M
Net debt / EBITDA4.59×6.11×3.24×3.19×3.01×3.22×3.53×5.02×
Cash conversion cycle (days)991191171491281249688