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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
+65.3%
€11.87
vs €7.18 price
Levered DCF
€10.62
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
2.47
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/E13.24×8.03×11.1×15.32×14.93×18.04×21.59×9.61×
P/B1.03×1.08×1.23×1.56×1.38×1.71×1.89×1.71×
P/S3.93×4.13×4.88×5.09×6.35×7.86×4.1×3.52×
EV / EBITDA7.82×5.25×7.1×10.08×9.47×26.07×12.98×9.76×
Gross margin75.8%54.6%48.0%57.4%53.5%56.8%57.0%61.3%
Operating margin22.0%69.4%61.3%44.0%57.6%33.0%28.3%40.7%
Net margin29.6%51.1%44.1%33.1%272.5%44.0%19.1%36.9%
Current ratio40.41×3.58×11.08×10.03×14.34×11.46×12.83×12.2×
Debt / equity0.01×0.01×0.08×0.07×0.07×0.5×0.63×0.45×
Interest coverage35.14×22.92×20.58×27.21×12.19×2.93×5.24×8.12×
Dividend yield6.4%12.5%7.8%10.7%11.8%2.0%3.6%3.6%
Payout ratio84.8%100.5%86.2%164.9%27.5%35.2%76.7%34.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity7.8%13.4%11.2%10.1%59.1%9.6%8.8%17.9%
Return on invested capital3.3%23.1%7.2%7.9%7.6%1.9%4.5%9.7%
Return on assets5.4%9.6%7.5%6.8%42.7%4.8%4.1%9.1%
Free cash flow yield5.0%4.6%2.2%9.0%40.7%13.1%3.2%1.8%
Earnings yield7.6%12.4%9.0%6.5%42.9%5.6%4.6%10.5%
Enterprise value€210.5M€208.5M€233.2M€284.8M€280.1M€271.5M€289M€273.4M
Net debt / EBITDA-0.35×-0.45×-0.65×-1.12×-1.25×4×2.28×2.38×
Cash conversion cycle (days)2471,137118601101,9741,046-134