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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
-176.6%
-€37.39
vs €48.80 price
Levered DCF
-€55.91
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
1.95
Grey zone
Rating
B-
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-29.3×-2.43×7.49×1.43×2.93×-4.29×-4.5×5.22×
P/B0.49×0.19×0.31×0.32×0.51×0.44×0.36×0.43×
P/S0.24×0.09×0.14×0.12×0.17×0.17×0.13×0.15×
EV / EBITDA74.04×-23.47×2.96×1.56×1.94×9.3×8.42×2.06×
Gross margin5.1%4.5%31.3%33.2%36.3%33.2%34.4%35.7%
Operating margin-3.0%-1.5%12.4%10.2%6.1%-2.5%-0.5%4.7%
Net margin-0.8%-3.5%1.9%8.6%5.9%-3.9%-2.8%2.9%
Current ratio2.17×1.49×1.79×1.86×1.64×1.92×2.03×2.06×
Debt / equity0.5×0.4×0.27×0.35×0.45×0.46×0.36×0.21×
Interest coverage-3.64×-1.57×8.26×16.26×9.41×-1.89×-0.51×5.1×
Dividend yield0.5%2.8%3.6%2.6%0.0%0.0%2.8%1.7%
Payout ratio-14.6%-6.9%27.0%3.8%0.0%0.0%-12.5%8.9%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-1.7%-7.9%4.1%22.3%17.4%-10.3%-8.1%8.2%
Return on invested capital-3.3%-1.8%14.1%12.9%6.6%-2.6%-0.6%5.1%
Return on assets-0.7%-3.4%1.9%9.7%5.7%-3.3%-2.8%3.1%
Free cash flow yield-30.1%-77.0%9.4%10.0%-0.8%-30.3%-18.1%13.0%
Earnings yield-3.4%-41.1%13.4%70.1%34.2%-23.3%-22.2%19.2%
Enterprise value€3.3B€1.6B€1.9B€2.3B€2.5B€1.8B€1.4B€1.6B
Net debt / EBITDA25.8×-10.98×0.57×0.49×0.61×3.18×2.14×0.2×
Cash conversion cycle (days)122109141145147149141149